Federal Reserve Vice Chair Lael Brainard warned Friday that central bank policymakers will need to raise interest rates higher and keep them elevated for some time to fight inflation.
has all but conceded the central bank will tip the economy into a recession with its rapid rate hikes, warning that higher rates will cause economic "pain."
"The chances of a soft landing are likely to diminish to the extent that policy needs to be more restrictive or restrictive for longer," Powell told reporters in Washington. "Nonetheless, we’re committed to getting inflation back down to 2%. We think a failure to restore price stability would mean far greater pain."
Federal Reserve Chair Jerome Powell arrives to speak during a news conference following a Federal Open Market Committee meeting in Washington, D.C., Wed., Sept 21, 2022."Inflation is very high in the United States and abroad, and the risk of additional inflationary shocks cannot be ruled out," she said.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Fed Vice Chair Brainard Warns Against Retreating From Inflation Fight PrematurelyFed Vice Chair Lael Brainard stressed the need to tackle inflation and the importance of not shrinking from the task until it is finished.
Read more »
Fed officials warn of additional interest rate hikes to fight inflationSeveral Federal Reserve officials this week endorsed additional interest rate hikes as the central bank tries to bring inflation under control by slowing the U.S. economy.
Read more »
Will Anyone Ever Buy or Sell a Home Again?High interest rates! Just what this crazy housing market needed.
Read more »
How VA loans benefit veterans and their familiesIf you're currently shopping for your next home and want to find the most affordable way to finance it, VA loans are known for their very competitive interest rates. It's simple to check rates and get started.
Read more »