Fed Chair Jerome Powell said getting inflation sustainably to the central bank’s 2% goal wouldn’t be easy.
Photo: Chip Somodevilla/Getty ImagesFed Chair Jerome Powell said it was premature for the central bank to declare a conclusive end to its historic interest-rate increases of the past two years even though he didn’t make an argument for raising rates further right now.
The Fed has raised interest rates this year to a 22-year high to combat inflation by slowing economic activity.
Officials are committed to achieving a rate setting that is “sufficiently restrictive” to bring inflation down to its 2% goal over time.
“We are not confident that we have achieved such a stance,” Powell said in remarks prepared for delivery at a conference in Washington on Thursday.
Persons:
Jerome Powell, Chip Somodevilla, ” Powell
Organizations:
Getty
Locations:
Washington