Fed chair Jerome Powell warns fight against inflation will bring 'some pain'
Headline from KTVZ Bend
By Martha C. White Federal Reserve chairman Jerome Powell warned that the central bank’s mission to tame inflation will result in “some pain” for US households. In a keynote speech at the Federal Reserve’s annual Jackson Hole Economic Symposium Friday morning, Powell said that the path to reducing i…
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Federal Reserve Chairman Jerome Powell pledged to cool painfully high inflation, but warned that higher interest rates could bring "pain" to the economy.
Federal Reserve Chair Jerome Powell delivered a stark message Friday: The Fed is determined to fight inflation with more sharp interest rate hikes, which will likely cause pain for Americans
By Martha C. White Federal Reserve chairman Jerome Powell warned that the central bank’s mission to tame inflation will result in “some pain” for US households. In a keynote speech at the Federal Reserve’s annual Jackson Hole Economic Symposium Friday morning, Powell said that the path to reducing i…
The Federal Reserve chair pledged to resolutely fight rapid price increases, arguing the bigger mistake would be allowing price increases to become entrenched.
Powell said higher interests rates may bring "pain to households and businesses," but that "a failure to restore price stability would mean far greater pain."
"While higher interest rates, slower growth, and softer labor market conditions will bring down inflation, they will also bring some pain to households and businesses. These are the unfortunate costs of reducing inflation," Powell said. | Economy
In a closely watched speech, the Fed chair foreshadowed not only further interest rate increases but also warned that rates might need to stay high for some time to ensure price spikes do not persist.
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