Saying there is no 'painless way' to lower inflation that has reached a 40-year high, the US Federal Reserve increases rates again.
abc.net.au/news/us-federal-reserve-increases-interest-rates/101464530The Federal Reserve has raised the key US interest rate again, saying more increases are coming as it battles soaring prices.Federal Reserve chair Jerome Powell says lowering it requires slower growth and higher unemploymentThe aggressive stance has raised fears of a recession in the US, with Federal Reserve chair Jerome Powell warning the process of conquering inflation will involve some pain.
Mr Powell has made it clear that officials will continue to act aggressively to cool the economy and avoid a repeat of the 1970s and early 1980s, the last time US inflation got out of control. The Fed's quarterly forecasts released with the rate decision show FOMC members expect US GDP growth to virtually flatline this year, rising just 0.2 per cent.They project further rate hikes this year — totalling 1.25 percentage points — and more in 2023, with no cuts until 2024.
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