Federal Reserve Chairman Jerome Powell pledged to cool historically high inflation, but warned that higher interest rates could bring 'pain' to the economy.
. But the Fed chief signaled that a restrictive stance will almost certainly be necessary as the central bank tries to pump the brakes on the economy.
From right, Jerome Powell, chairman of the Federal Reserve; Lael Brainard, vice chair of the board of governors for the Federal Reserve System; and John Williams, president and CEO of the Federal Reserve Bank of New York, during a break at the Jackso Hiking interest rates tends to create higher rates on consumer and business loans, which slows the economy by forcing employers to cut back on spending.have nearly doubled from one year ago to 5.55%, while some credit card issuers have ratcheted up their rates to 20%.
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