Federal Reserve Chair Jerome Powell emphasized the central bank's primary responsibility to prevent a temporary increase in price levels from evolving into a persistent inflation problem. He highlighted that maintaining long-term inflation expectations well-anchored is crucial to avoiding ongoing inflation. Powell also noted that price stability is essential for achieving sustained strong labor market conditions. The Fed's obligation, according to Powell, is to ensure that one-time price hikes do not become entrenched inflation, thereby safeguarding economic stability.