Federal Reserve Chair Jerome Powell says inflation remains too high and that bringing it down to the Fed’s target level will likely require a slower-growing economy and job market.
Federal Reserve Chairman Jerome Powell speaks during a town hall meeting with teachers at the Federal Reserve Board Building, Thursday, Sept. 28, 2023, in Washington. remains too high
Powell noted that inflation has cooled significantly from a year ago. But he cautioned that it's not yet clear whether inflation is on a clear path back to the Fed's 2% target. Last month, Fed officials predicted that they would impose one more interest rate hike before the end of the year, on top of a series of 11 rate increases that have lifted their key rate to about 5.4%, its highest level in 22 years. Economists and Wall Street traders expect the central bank to leave rates unchanged when it next meets in about two weeks.
But several recent economic reports have suggested that the economy is growing robustly and that inflation could remain persistently elevated, which could require further Fed action.
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