Powell warns of ‘some pain’ ahead as the Fed fights to bring down inflation
PUBLISHED FRI, AUG 26 202210:00 AM EDTUPDATED 3 HOURS AGO
KEY POINTS
- Fed Chairman Jerome Powell on Friday pledged that the central bank will “use our tools forcefully” to attack inflation that is still running near its highest level in more than 40 years.
- In his annual Jackson Hole, Wyoming, policy speech, Powell added that higher interest rates likely will persist “for some time. The historical record cautions strongly against prematurely loosening policy.”
- The remarks come amid signs that inflation may have peaked but is not showing any marked signs of decline. Powell said the Fed will not be swayed by a month or two of data.