Fed Chair Powell Conveys Grim Perspective On Combatting Inflation

Objectivity 4.0 | Credibility 4.8 | Relevance 4.9

Federal Reserve Chair Jerome Powell said even if their policy leads to damages in the labor market and “pain” for Americans, the Federal Reserve will not stop interest rate raises.  Powell restated the Fed’s commitment to rerevert inflation back to 2%.  American’s expectation of long-term high inflation makes it more difficult to combat as limits on wages and purchases contribute to inflationary pressures.  He said, “We must keep at it until the job is done.”