Fed Chairman Jerome Powell warns inflation could last months longer than expected
3 years, 2 months ago

Fed Chairman Jerome Powell warns inflation could last months longer than expected

Daily Mail  

Federal Reserve Chair Jerome Powell says inflation is likely to remain high in the coming months, spelling more bad news for President Biden. Federal Reserve Chair Jerome Powell says inflation is likely to remain high in the coming months, spelling more bad news for President Biden The remarks caused the Dow to drop more than 600 points, before it recovered slightly in the afternoon In August, inflation was at 5.3 percent, down slightly from the 13-year high of 5.4 percent in June and July. The all-items Consumer Price Index, a measure of economy-wide inflation, has increased by 0.5 percent from June 2021 to July 2021 before seasonal adjustment, up 5.4 percent from July 2020 Powell's comments came just before Senator Elizabeth Warren unleashed on him, saying that he weakened the US banking system by rolling back financial regulations that were enacted after the 2008 financial crisis. Under Powell's watch in March 2020, the Fed intervened in the US economy to mitigate repercussions from COVID-19 within financial markets, including up to $2.3 trillion in lending to support households, employers, and state and local governments.

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History of this topic

The Federal Reserve takes on Trump—and stubborn inflation
1 week, 2 days ago

The Federal Reserve takes on Trump—and stubborn inflation

Live Mint  

A lot is riding on the numbers after the decimal point. In such a scenario, Mr Trump would presumably be satisfied enough with the central bank that he would feel little compulsion to snipe at Jerome Powell, the Fed’s chairman, or, worse, to start a legal battle by trying to oust Mr Powell before his term expires in May 2026. …

Donald Trump says he has no plans to replace US Fed Chair Jerome Powell: ‘If I asked him...’
Trending News
2 weeks, 2 days ago

Donald Trump says he has no plans to replace US Fed Chair Jerome Powell: ‘If I asked him...’

Live Mint  

The United States President-elect Donald Trump, at NBC's Meet the Press on Sunday, said that he has no plans to replace Federal Reserve Chair Jerome Powell once he returns to the White House, reported the news agency Reuters. Powell's term as the Fed chairman expires in May 2026, he told reporters last month that he wouldn't step aside early if …

Donald Trump says he has no plans to replace Jerome Powell as Fed Chair
2 weeks, 2 days ago

Donald Trump says he has no plans to replace Jerome Powell as Fed Chair

Hindustan Times  

President-elect Donald Trump said he has no plans to replace Fed Chair Jerome Powell once he returns to the White House, saying “I don’t see it.” Trump has previously said he should have a say in monetary policy and the setting of interest rates. “I think if I told him to, he would,” Trump said on NBC’s Meet the Press, …

Economist reveals how Trump could make the economy worse
1 month, 1 week ago

Economist reveals how Trump could make the economy worse

Daily Mail  

Former Treasury Secretary Larry Summers addresses the New York Economic Club, expressing serious concerns about the Federal Reserve 's approach to inflation. Summers, who has been vocal about inflation risks, warned that the Federal Reserve, under Jerome Powell, is not acting decisively enough to address "overheating risks" in the economy. Summers speculated that a second Trump administration could exacerbate inflation …

Liberal economist Larry Summers issues frightening warning about inflation to Americans following Trump's election
1 month, 1 week ago

Liberal economist Larry Summers issues frightening warning about inflation to Americans following Trump's election

Daily Mail  

Liberal economist Larry Summers warned that inflation is still not fixed and that a Trump administration could make things even worse. Liberal economist Larry Summers warned that inflation is still not fixed and that a Trump administration could make things even worse Summers is worried that President-elect Donald Trump may only make 'Bidenflation' worse The central bank made a 25 …

Federal Reserve Chair Jerome Powell reveals whether he will resign if Donald Trump asks
Top News
1 month, 2 weeks ago

Federal Reserve Chair Jerome Powell reveals whether he will resign if Donald Trump asks

Hindustan Times  

“No”, replied Federal Reserve Chairman Jerome Powell when asked if President-elect Donald Trump would ask him to step down. Jerome Powell sees himself as a public servant, but he seems to be preparing for a possible confrontation with Trump, who recently stated that he would not have direct control over Fed decisions, but he should at least be allowed to …

The Fed thinks inflation is vanquished
1 month, 2 weeks ago

The Fed thinks inflation is vanquished

Live Mint  

Federal Reserve Chairman Jerome Powell is sticking with his view that inflation is all but vanquished. Mr. Powell delivered a surprisingly large, 50-basis point cut in September despite persistent above-target inflation and a strong labor market. Economic models tell Mr. Powell and colleagues that inflation will resume its downward drift eventually, and that if they don’t cut rates in the …

'The time has come' to lower interest rates: Fed Chair Jerome Powell
4 months ago

'The time has come' to lower interest rates: Fed Chair Jerome Powell

NPR  

'The time has come' to lower interest rates: Fed Chair Jerome Powell toggle caption Drew Angerer/Getty Images North America Federal Reserve chairman Jerome Powell says he's increasingly confident that inflation will soon be tamed, setting the stage for the central bank to start cutting interest rates next month. Speaking at one of the most closely-watched annual gatherings of global central …

Fed’s Powell highlights slowing job market in signal that rate cuts may be nearing
5 months, 2 weeks ago

Fed’s Powell highlights slowing job market in signal that rate cuts may be nearing

Associated Press  

WASHINGTON — The Federal Reserve faces a cooling job market as well as persistently high prices, Chair Jerome Powell said in testimony Tuesday to Congress, a shift in emphasis away from the Fed’s single-minded fight against inflation of the past two years that suggests it is moving closer to cutting interest rates. “The most recent inflation readings, though, have shown …

Fed’s Powell highlights slowing job market, signaling that rate cuts may be near
5 months, 2 weeks ago

Fed’s Powell highlights slowing job market, signaling that rate cuts may be near

LA Times  

The Federal Reserve faces a cooling job market as well as persistently high prices, Chair Jerome H. Powell said in testimony Tuesday to Congress, a shift in emphasis away from the Fed’s single-minded fight against inflation of the last two years that suggests it is moving closer to cutting interest rates. “The most recent inflation readings, though, have shown some …

Fed Meeting Today: Live Analysis on Interest Rates, Powell Speech
6 months, 1 week ago

Fed Meeting Today: Live Analysis on Interest Rates, Powell Speech

Bloomberg  

Thanks for joining us. Here are five key takeaways from Wednesday’s Federal Open Market Committee rate decision and Federal Reserve Chair Jerome Powell’s press conference: The FOMC median now projects a single quarter-point cut in 2024, two fewer than the previous round of quarterly forecasts in March, in light of higher inflation earlier in the year. Powell, in his press …

Jerome Powell testimony: More evidence needed on tamed inflation
9 months, 2 weeks ago

Jerome Powell testimony: More evidence needed on tamed inflation

Associated Press  

WASHINGTON — Chair Jerome Powell reinforced his belief Wednesday that the Federal Reserve will cut its key interest rate this year but said it first wants to see more evidence that inflation is falling sustainably back to the Fed’s 2% target. Instead, he noted that according to the Fed’s preferred gauge, inflation “has eased notably over the past year” even …

Federal Reserve minutes: Officials worried that progress on inflation could stall in coming months
10 months ago

Federal Reserve minutes: Officials worried that progress on inflation could stall in coming months

Associated Press  

WASHINGTON — Federal Reserve officials acknowledged at their most recent meeting in January that there had been “significant progress” in reducing U.S. inflation. In minutes from the Jan. 30-31 meeting released Wednesday, most Fed officials also said they were worried about moving too fast to cut their benchmark interest rate before it was clear that inflation was sustainably returning to …

Trump says he would replace ‘political’ US Fed chair Powell if elected
10 months, 3 weeks ago

Trump says he would replace ‘political’ US Fed chair Powell if elected

Hindustan Times  

Former US president and 2024 White House contender Donald Trump said he would look to replace the "political" chair of the Federal Reserve, Jerome Powell, when his term ends in 2026. Republican presidential candidate and former President Donald Trump In an interview published Friday, Trump accused Powell, who he as president first appointed to run the independent US central bank, …

Powell Navigates ‘Toxic’ Politics of Rate Cuts as Election Nears
10 months, 3 weeks ago

Powell Navigates ‘Toxic’ Politics of Rate Cuts as Election Nears

Live Mint  

For Federal Reserve Chair Jerome Powell, deciding when to cut interest rates is hard enough: Too soon, and inflation could rise again. Several former Fed officials hotly dispute the suggestion that politics would weigh on when or how fast the central bank lowers interest rates this year. Fed officials will be especially focused on how they communicate because everyone inside …

Fed chief warns still ‘long way to go’ on inflation fight
1 year, 1 month ago

Fed chief warns still ‘long way to go’ on inflation fight

The Telegraph  

The US still has a “long way to go” in the battle to get inflation back to 2pc, Federal Reserve chairman Jay Powell has warned. The central bank chief left the door open for future interest rate rises even as the Fed voted to hold borrowing costs unchanged for the second meeting in a row. The process of getting inflation …

Fed Chair Powell: Slower economic growth may be needed to conquer stubbornly high inflation
1 year, 2 months ago

Fed Chair Powell: Slower economic growth may be needed to conquer stubbornly high inflation

Associated Press  

WASHINGTON — Federal Reserve Chair Jerome Powell said Thursday that inflation remains too high and that bringing it down to the Fed’s target level will likely require a slower-growing economy and job market. Higher long-term rates, coming on top of the Fed’s own short-term rate hikes, could help slow growth and cool inflation, thereby easing pressure on the Fed to …

Fed Chair Jerome Powell warns the fight against inflation is far from over
1 year, 4 months ago

Fed Chair Jerome Powell warns the fight against inflation is far from over

NPR  

Fed Chair Jerome Powell warns the fight against inflation is far from over Enlarge this image toggle caption Kevin Dietsch/Getty Images Kevin Dietsch/Getty Images Federal Reserve Chair Jerome Powell said on Friday inflation is still too high, and he warned that restoring price stability will likely require an extended period of elevated interest rates. Speaking to a gathering of economists …

Federal Reserve Chair Powell hints at a pause in rate hikes when central bank meets next month
1 year, 7 months ago

Federal Reserve Chair Powell hints at a pause in rate hikes when central bank meets next month

Associated Press  

WASHINGTON — Chair Jerome Powell indicated Friday that the Federal Reserve will likely forgo an increase in its benchmark interest rate when it meets in June for the first time since it began raising its key rate 14 months ago to fight high inflation. Speaking at a Fed conference in Washington, Powell said the central bank’s benchmark rate, which affects …

Jerome Powell could face more opposition as Fed choices get tougher
1 year, 7 months ago

Jerome Powell could face more opposition as Fed choices get tougher

Live Mint  

Chair Jerome Powell has achieved a near-perfect consensus as the Federal Reserve raised interest rates aggressively. “We are getting close to the hardest mile for the Fed in this marathon — the part where backlash to rate hikes will intensify, in ways no one on the Fed has had to weather.” Fed officials have signaled that the FOMC will hike …

Watch: Fed Chair Jerome Powell dismantles Fox Business reporter's inflation claims
1 year, 9 months ago

Watch: Fed Chair Jerome Powell dismantles Fox Business reporter's inflation claims

Raw Story  

Federal Reserve Chairman Jerome Powell pushed back against a Fox Business correspondent who tried to link inflation to government spending. At a Wednesday afternoon press conference, Fox Business reporter Edward Lawrence suggested President Joe Biden's budget added to inflationary forces. "We don't give advice to the fiscal authorities, and we assume that we take fiscal policy as it comes to …

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

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The Federal Reserve will push …

Powell says rate hikes may slow, but inflation fight is hardly over
2 years, 1 month ago

Powell says rate hikes may slow, but inflation fight is hardly over

LA Times  

Federal Reserve Chair Jerome H. Powell has led the Fed to raise rates aggressively to try to slow borrowing and spending and ease price pressures. “That’s why the market was so confused.” The Fed’s meeting occurred as financial markets and many economists have grown nervous that Powell will end up leading the central bank to raise borrowing costs higher than …

"I am very worried about this," Elizabeth Warren says while talking inflation on CNN
2 years, 3 months ago

"I am very worried about this," Elizabeth Warren says while talking inflation on CNN

Salon  

Senator Elizabeth Warren appeared on CNN's "State of the Union" on Sunday morning to talk inflation concerns with host Dana Bash. During the segment, Warren made it clear that she's "very worried" about the way the scales are tipping. There is nothing in raising the interest rates, nothing in Jerome Powell's tool-bag, that deals directly with those, and he has …

Powell: Fed’s inflation fight could bring ‘pain,’ job losses
2 years, 3 months ago

Powell: Fed’s inflation fight could bring ‘pain,’ job losses

Associated Press  

JACKSON HOLE, Wyoming — Federal Reserve Chair Jerome Powell delivered a stark warning Friday about the Fed’s determination to fight inflation with more sharp interest rate hikes: It will likely cause pain for Americans in the form of a weaker economy and job losses. “These are the unfortunate costs of reducing inflation,” Powell said in a high-profile speech at the …

Powell: Fed could keep lifting rates sharply ‘for some time’
2 years, 3 months ago

Powell: Fed could keep lifting rates sharply ‘for some time’

Associated Press  

JACKSON HOLE, Wyoming — Federal Reserve Chair Jerome Powell delivered a stark message Friday: The Fed will likely impose more large interest rate hikes in coming months and is resolutely focused on taming the highest inflation in four decades. “These are the unfortunate costs of reducing inflation,” he said in a high-profile speech at the Fed’s annual economic symposium in …

Powell says higher US interest rates are likely ‘for some time’
2 years, 3 months ago

Powell says higher US interest rates are likely ‘for some time’

Al Jazeera  

Jerome Powell says the economy is slowing from high 2021 growth rates, and restoring inflation to 2 percent is the top priority. “Restoring price stability will likely require maintaining a restrictive policy stance for some time,” Powell said Friday in remarks prepared for the Kansas City Fed’s annual policy forum in Jackson Hole, Wyoming. “The historical record cautions strongly against …

Powell: Fed must convince public it can tame inflation
2 years, 6 months ago

Powell: Fed must convince public it can tame inflation

Associated Press  

WASHINGTON — As if their job weren’t hard enough at a time of raging inflation, Chair Jerome Powell and his Federal Reserve colleagues have to do more these days than decide just how much to raise interest rates without triggering a recession. “People do expect inflation to come back down to levels that are consistent with our price stability mandate,” …

Fed chief determined to keep inflation low, expects ‘surprises’
2 years, 6 months ago

Fed chief determined to keep inflation low, expects ‘surprises’

Al Jazeera  

Powell says will assess further interest rate hikes on a ‘meeting by meeting’ basis. He said the Fed was determined to raise interest rates high enough to slow inflation, a commitment that has fanned concerns that the central bank’s fight against surging prices could tip the economy into recession. Powell said the pace of future rate hikes will depend on …

Treasury Secretary Yellen expects inflation to ‘remain high’
2 years, 6 months ago

Treasury Secretary Yellen expects inflation to ‘remain high’

Associated Press  

WASHINGTON — Treasury Secretary Janet Yellen acknowledged Tuesday that she and Federal Reserve Chair Jerome Powell “could have used a better word” than “transitory” when describing the expected run of inflation in the U.S. economy. “I do expect inflation to remain high although I very much hope that it will be coming down now,” Yellen told the Senate Finance Committee …

Biden plots inflation fight with Fed chair as nation worries
2 years, 6 months ago

Biden plots inflation fight with Fed chair as nation worries

Associated Press  

WASHINGTON — Focused on relentlessly rising prices, President Joe Biden plotted inflation-fighting strategy Tuesday with the chairman of the Federal Reserve, with the fate of the economy and his own political prospects increasingly dependent on the actions of the government’s central bank. I agree with their assessment that fighting inflation is our top economic challenge right now.” In contrast, President …

Biden to meet Fed chair as inflation bites pocketbooks
2 years, 6 months ago

Biden to meet Fed chair as inflation bites pocketbooks

Associated Press  

WASHINGTON — President Joe Biden will meet Tuesday with Federal Reserve chairman Jerome Powell as soaring inflation takes a bite out of Americans’ pocketbooks. The White House said the pair would discuss the state of the U.S. and global economy and especially inflation, described as Biden’s “top economic priority.” The goal, the White House said, is a “transition from an …

Powell: Fed to keep hiking rates until it controls inflation
2 years, 7 months ago

Powell: Fed to keep hiking rates until it controls inflation

Associated Press  

WASHINGTON — Chair Jerome Powell on Tuesday underscored the Federal Reserve’s determination to keep raising interest rates until there is clear evidence inflation is steadily falling — a high-stakes effort that carries the risk of causing an eventual recession. “And we’re going to keep pushing until we see that.” The Fed chair, who was confirmed last week by the Senate …

Fed Chair Jerome Powell: We won’t hesitate to raise rates to tame inflation
2 years, 7 months ago

Fed Chair Jerome Powell: We won’t hesitate to raise rates to tame inflation

CNN  

New York CNN Business — Hindsight is 20:20, even for the Federal Reserve. The US central bank is in the midst of a “whatever it takes” moment when it comes to inflation, but if Fed officials had known how high inflation would rise, they would have changed their course on policy earlier, Fed Chairman Jerome Powell said Tuesday. “In hindsight, …

Senate confirms Powell for 2nd term as Fed fights inflation
2 years, 7 months ago

Senate confirms Powell for 2nd term as Fed fights inflation

Associated Press  

WASHINGTON — The Senate on Thursday confirmed Jerome Powell for a second four-year term as Federal Reserve chair, giving bipartisan backing to Powell’s high-stakes efforts to curb the highest inflation in four decades. In an interview with NPR’s “Marketplace” later Thursday, Powell acknowledged that the Fed’s ability to successfully slow the economy and reduce inflation without causing a recession — …

Fed Chairman Jerome Powell: We need to raise interest rates quickly
2 years, 9 months ago

Fed Chairman Jerome Powell: We need to raise interest rates quickly

CNN  

New York CNN Business — The Federal Reserve needs to move quickly to raise interest rates and normalize its monetary policy, according to Fed Chairman Jerome Powell. Between a strong job market and soaring inflation, “there is an obvious need to move expeditiously to return the stance of monetary policy to a more neutral level,” Powell said during his Monday …

Fed’s Powell: Russia’s war on Ukraine will worsen inflation
2 years, 9 months ago

Fed’s Powell: Russia’s war on Ukraine will worsen inflation

Associated Press  

WASHINGTON — Federal Reserve Chair Jerome Powell warned Thursday that Russia’s invasion of Ukraine, which has already driven up oil prices, will likely further magnify the high inflation that has engulfed the U.S. economy. At the same time, Powell said he is committed to doing whatever it will take to slow inflation, underscoring the Fed’s high-risk challenge in raising interest …

Fed plans to raise rates starting in March to cool inflation
2 years, 10 months ago

Fed plans to raise rates starting in March to cool inflation

Associated Press  

WASHINGTON — The Federal Reserve signaled Wednesday that it will begin a series of interest-rate hikes in March, reversing pandemic-era policies that have fueled hiring and growth — and stock market gains — but also stubbornly high inflation. “The best thing we can do to support continued labor market gains,” Powell said, “is to promote a long expansion, and that …

Fed’s Powell: High inflation poses a threat to job market
2 years, 11 months ago

Fed’s Powell: High inflation poses a threat to job market

Associated Press  

WASHINGTON — Warning that high inflation could make it harder to restore the job market to full health, Federal Reserve Chair Jerome Powell said Tuesday that the Fed will raise interest rates faster than it now plans if needed to stem surging prices. But Powell argued that rising inflation, if it persists, also poses a threat the Fed’s goal of …

Inflation is the buzzword at US Fed chief’s confirmation hearing
2 years, 11 months ago

Inflation is the buzzword at US Fed chief’s confirmation hearing

Al Jazeera  

Federal Reserve Chairman Jerome Powell received a grilling over inflation during a Senate hearing on Tuesday to confirm him for a second term as the United States’ top central banker. But in December, with inflation running at its hottest rate in nearly 40 years and the labour market awash in a near-record number of job openings, Powell retired the word …

Jerome Powell is no Paul Volcker
2 years, 11 months ago

Jerome Powell is no Paul Volcker

Live Mint  

Federal Reserve chairman Jerome Powell is not wrong when he attributes inflation partly to supply disruptions. But if higher inflation becomes generally expected and entrenched, he will increasingly be blamed for it One almost had to feel sorry for US Federal Reserve chair Jerome Powell when, in congressional testimony this September, he expressed frustration at the inflationary pressures affecting the …

Powell: Fed ‘not at all sure’ inflation will fade next year
3 years ago

Powell: Fed ‘not at all sure’ inflation will fade next year

Associated Press  

WASHINGTON — In a fresh sign of his growing concerns about inflation, Chair Jerome Powell said Wednesday that the Federal Reserve can’t be sure that price increases will slow in the second half of next year as many economists expect. The Treasury secretary also defended the administration’s $1.9 trillion financial relief package, approved last March, and said that “at most,” …

Powell hedges again on inflation after retiring ‘transitory’ tag
3 years ago

Powell hedges again on inflation after retiring ‘transitory’ tag

Al Jazeera  

Fed chief told US lawmakers on Wednesday that though most economists see inflation easing by the middle of next year, ‘We can’t act as if we’re sure of that.’ Federal Reserve chief Jerome Powell’s inner hawk unfurled its wings again on Wednesday, a day after he told United States lawmakers it is probably time to retire the word “transitory” when …

Jerome Powell endorsed for second term as U.S. Federal Reserve chair
3 years, 1 month ago

Jerome Powell endorsed for second term as U.S. Federal Reserve chair

The Hindu  

U.S. President Joe Biden on November 22 announced that he was nominating Jerome Powell for a second four-year term as Federal Reserve chair. "I'm confident that Chair Powell and Dr. Brainard's focus on keeping inflation low, prices stable, and delivering full employment will make our economy stronger than ever before," Biden said. Progressive Democratic Senator Elizabeth Warren of Massachusetts on …

Biden Goes With Safe Fed Pick Over Nod To Progressives In Face Of Inflation Threat
3 years, 1 month ago

Biden Goes With Safe Fed Pick Over Nod To Progressives In Face Of Inflation Threat

Huff Post  

President Joe Biden speaks as Federal Reserve Board Chair Jerome Powell listens during an announcement that Biden is nominating Powell to a second term. Alex Wong via Getty Images WASHINGTON ― President Joe Biden on Monday cited the need for stability and bipartisan appeal amid persisting inflation and a not-yet-vanquished pandemic as reasons for giving Federal Reserve Chair Jerome Powell …

Biden to keep Powell as Fed chair, Brainard gets vice chair
3 years, 1 month ago

Biden to keep Powell as Fed chair, Brainard gets vice chair

Associated Press  

WASHINGTON — President Joe Biden said Monday he is nominating Jerome Powell for a second four-year term as Federal Reserve chair, endorsing his stewardship of the economy through a brutal pandemic recession in which the Fed’s ultra-low rate policies helped bolster confidence and revitalize the job market. Biden also said he would nominate as vice chair Lael Brainard, the lone …

Biden reappoints Jerome Powell as Fed chairman at a critical time for the economy
3 years, 1 month ago

Biden reappoints Jerome Powell as Fed chairman at a critical time for the economy

NPR  

Biden reappoints Jerome Powell as Fed chairman at a critical time for the economy Enlarge this image toggle caption Kevin Dietsch/Getty Images Kevin Dietsch/Getty Images President Biden has chosen to keep Jerome Powell in place for a second term as Federal Reserve chairman — a move that signals continuity with the central bank's policies at a time when the economy …

Biden taps Powell for second term as Federal Reserve chief
3 years, 1 month ago

Biden taps Powell for second term as Federal Reserve chief

Al Jazeera  

Federal Reserve Chairman Jerome Powell is set to remain the steward of the United States economy after President Joe Biden on Monday nominated him for a second, four-year term. “In the last administration, he stood up to unprecedented political interference and in doing so successfully maintained the integrity and credibility of this institution,” said Biden.”It’s just one of the many …

Pressure on Fed’s Powell is rising as inflation worsens
3 years, 1 month ago

Pressure on Fed’s Powell is rising as inflation worsens

Associated Press  

WASHINGTON — Federal Reserve Chair Jerome Powell surely expected to have some breathing room after taking the first step this month to dial back the Fed’s emergency aid for the economy. Some Fed officials, though, want to take a more patient approach, allowing the taper to continue through June and then taking time to assess whether rate further rate hikes …

Powell defends Fed policies, says inflation may persist
3 years, 2 months ago

Powell defends Fed policies, says inflation may persist

Associated Press  

WASHINGTON — Federal Reserve Chair Jerome Powell on Wednesday defended the ultra-low interest rate policies he has pursued since the pandemic decimated the economy more than 18 months ago. Powell initially called such inflation “transitory” and said it would fade as the economy reopened further and the supply chain kinks were worked out. Powell said it is “frustrating to see …

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