Jerome Powell noted U.S. “inflation is much too high” and he further said that the US central bank is willing to raise rates more aggressively.
that calls for aggressive measures amid the inflationary pressures plaguing the country. Meanwhile, Powell explained on Monday that the world may be settling in on a “new normal” but things are still “uncertain,” especially with the ongoing Russia-Ukraine conflict.
In normal times, when employment and inflation are close to our objectives, monetary policy would look through a brief burst of inflation associated with commodity price shocks. However, the risk is rising that an extended period of high inflation could push longer-term expectations uncomfortably higher, which underscores the need for the Committee to move expeditiously as I have described.
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