WASHINGTON, March 18 (Reuters) - Federal Reserve Chair Jerome Powell said on Wednesday that the current U.S. economic situation, even with the Iran war-induced spike in energy prices was far removed from the “stagflation” of the 1970s, with current inflation only one percentage point above target and low unemployment.
I would reserve the term stagflation for, you know, a much more serious set of circumstances. That is not the situation we’re in,” Powell told a news conference after the Fed held policy rates steady.
“What we have is some tension between the goals and we’re trying to manage our way through it,” Powell added. “It’s a very difficult situation, but it’s nothing like what they faced in the 1970s and I reserve stagflation for that – the word – for that period. Maybe that’s just me.”

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- Federal Reserve Chair Jerome Powell stated that the current U.S. economic situation is not comparable to the stagflation of the 1970s, citing low unemployment and inflation only one percentage point above target.  
- He emphasized that the term "stagflation" should be reserved for more severe economic conditions.  
- Powell acknowledged ongoing tensions in economic goals but maintained that the current circumstances differ significantly from those faced in the past.

Reuters

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Powell says 'stagflation' is a 1970s term, not what we face today