Powell: Fed to keep rates higher for longer to cut inflation
2 years ago

Powell: Fed to keep rates higher for longer to cut inflation

Associated Press  

WASHINGTON — The Federal Reserve will push rates higher than previously expected and keep them there for an extended period, Chair Jerome Powell said Wednesday in remarks likely intended to underscore the Fed’s single-minded focus on combating stubborn inflation. Powell said the Fed is seeking to increase its benchmark rate by enough to slow the economy, hiring, and wage growth, but not so much as to send the U.S. into recession. Still, Powell said that employers could cut those openings further, while engaging in only limited layoffs, as the Fed’s rate hikes slow borrowing and spending. Powell said the Fed’s efforts have slowed demand, and will have to keep it slow “for an extended period.”

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