Federal Reserve Chair Jerome Powell on Thursday said that despite recent declines, inflation still remains too high for the central bank to declare victory.
Federal Reserve Chair Jerome Powell on Thursday struck a cautious note about the central bank's fight against inflation, warning that it is premature to declare victory and that additional rate hikes may be warranted. "We know that ongoing progress toward our 2% goal is not assured: Inflation has given us a few head fakes," Powell said in remarks prepared for delivery at an International Monetary Fund conference in Washington, D.C.
FED CHAIR POWELL RUSHED OFF STAGE AFTER CLIMATE PROTESTERS INTERRUPT SPEECH Policymakers have raised interest rates sharply over the past year, approving 11 rate increases in the hopes of crushing inflation and cooling the economy. In the span of just 16 months, interest rates surged from near zero to above 5%, the fastest pace of tightening since the 1980s. The Fed is scheduled to meet just one more time this year, in December.
Federal Reserve Jerome Powell Inflation Rate Hikes Policy Tightening
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