Federal Reserve chair Jerome Powell said there isn't yet 'clear progress' that decades-high inflation has turned a corner, despite rapid interest rate increases and slowing economic growth.
The assessment signals that the Fed will continue raising interest rates higher than its leaders expected, and will likely keep them high next year in its effort toIt will take substantially more evidence to give comfort that inflation is actually declining." Powell said at an event hosted by the Brookings Institution.The Fed has raised rates 6 times since March, with four of those increases by a historically large 0.75 percentage point.
"The timing of that moderation is far less significant than the questions of how much further we will need to raise rates to control inflation, and the length of time it will be necessary to hold policy at a restrictive level," Powell said. All of it is contributing to wages that — from the Fed's perspective — are rising at far too quick a pace.: October's softer-than-expected Consumer Price Index report showed signs of easing price pressures, stoking optimism that inflation had peaked. The Fed, though, isn't yet convinced: "Down months in the data have often been followed by renewed increases," Powell said.
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