Jerome Powell says US Federal Reserve’s interest rate increases aimed at ‘far greater pain’ of inflation
chair Jerome Powell on Friday warned of “pain” ahead as the central bank struggles to bring down inflation from a 40-year high.
Speaking at the Kansas City Fed’s annual meeting of the world’s central bankers in Jackson Hole, Wyoming, Powell said the Fed’s “overarching focus right now is to bring inflation back down”. The Fed has been raising interest rates rapidly in an attempt to slow inflation. Powell said the Fed would continue to use its tools “forcefully” until prices were under control. “We must keep at it until the job is done,” said Powell.“While higher interest rates, slower growth, and softer labor market conditions will bring down inflation, they will also bring some pain to households and businesses. These are the unfortunate costs of reducing inflation.
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