Jerome Powell, chair of the Federal Reserve, has signaled they will keep raising interest rates until they're confident that inflation is under control.
Federal Reserve Chair Jerome Powell speaks during a news conference following a Fed policy meeting in Washington, D.C., on July 27. Powell warned on Friday the central bank is committed to bring down inflation even if it causes some economic pain.Federal Reserve Chair Jerome Powell speaks during a news conference following a Fed policy meeting in Washington, D.C., on July 27. Powell warned on Friday the central bank is committed to bring down inflation even if it causes some economic pain.
After keeping interest rates near zero through much of the pandemic, the Federal Reserve has raised rates by 2.25 percentage points since March. Additional rate hikes are expected, including at the next Fed meeting in September. New homes under construction are seen at a housing development in Novato, Calif., on March 23, 2022. Mortgage rates have risen as the Fed has increased interest rates.New homes under construction are seen at a housing development in Novato, Calif., on March 23, 2022. Mortgage rates have risen as the Fed has increased interest rates.the Commerce Department offered a signalThe department's index of personal consumption prices — which is closely watched by the Fed — fell 0.
The annual gathering of central bankers and other economic bigwigs in Jackson Hole dates to 1982, when then-Fed Chairman Paul Volcker was invited to speak at a conference run by the Federal Reserve Bank of Kansas City.Organizers knew Volcker was an avid fly-fisherman, so they chose a prime fishing spot at the foot of the Teton mountain range.
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