Fed chairman Jerome Powell says Fed’s fight to tame inflation is ‘unconditional’
CNN, CNNBUSINESS
By Martha C. White
At the Federal Reserve’s annual Jackson Hole Economic Symposium, chairman Jerome Powell telegraphed a greater sense of urgency about taming inflation than he has in previous remarks, calling price stability “the bedrock of our economy.”
In his keynote speech Friday morning, Powell said that the central bank’s “overarching focus” was on controlling rampant inflation.
“Our responsibility to deliver price stability is unconditional,” he said.
While Powell did not offer any indication whether the Fed’s extraordinary back-to-back rate hikes of 75 basis points each would be repeated at its rate-setting meeting next month, he sent the clearest message yet that the central bank was unequivocally committed to more restrictive policy in order to rein in inflation.
Powell added that the path to reducing inflation would not be quick or easy, saying that the task, “requires using our tools forcefully to bring demand and supply into better balance.”
The-CNN-Wire
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