Powell says curbing inflation will cause pain for U.S. households and businesses
Federal Reserve Chairman Jerome Powell used the spotlight on the central bank’s Jackson Hole retreat to deliver a blunt message that the Fed will keep at the job of bringing inflation down until it is done and that the fight will be costly in terms of jobs and economic growth.
Fed Chairmen often give the opening address to the Fed’s Jackson Hole retreat in late August. While many of the speeches have been consequential for markets, they have also tended to be long and wide-ranging.In it, Powell drove home the point that the Fed has an “overarching focus right now to bring inflation back down to our 2% goal.”
But he said the debate over whether to hike by 0.75 percentage point for the third straight meeting or slow to a half percentage point increase would depend on the “totality” of the economic data between now and the Fed’s Sept. 20 meeting. At some point, the Fed won’t be able to keep raising by 0.75 percentage point moves, he added.
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