Powell: "Ideally we do it efficiently."
***
"This will not turn out to be inflation because we'll make sure that it's not. We will, through our tools, make sure that this does not move from being a one-time price increase to serious inflation."
"We want to do that efficiently, though—efficiently—and that means you want to do it. If you move too soon, you wind up maybe not getting inflation all the way fixed and you have to come back. That's inefficient. If you move too late, you might do unnecessary damage to the labor market. So there won't be in the end a big inflationary problem."
"What we're trying to do is accomplish that in a way that is efficient, but in the end, there should be no doubt that we will do what we need to do to keep inflation control. Ideally we do it efficiently."
