Fed Chief Powell: Bringing down inflation will require economic pain

BREAKING: Federal Reserve Chair Jerome Powell’s tough-talking speech signals the Fed is nowhere near relenting on interest rate increases.

Fed Chair Jerome Powell at dinner Thursday night at the Kansas City Fed's annual economic symposium in Jackson Hole, Wyoming. Photo: David Paul Morris/Bloomberg via Getty Images

, Powell was blunt about the likelihood that bringing down inflation will come at the expense of the solid labor market that's been beneficial to workers and softer business conditions. But he indicated the Fed does not intend to reverse course and cut rates just because of such softening.

"Restoring price stability will likely require maintaining a restrictive policy stance for some time," Powell said. "The historical record cautions strongly against prematurely loosening policy."

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