Fed Chairman Jerome Powell said today that the Fed is likely to continue to raise rates sharply “for a while” to combat persistently high inflation, and keeping inflation at 2 percent is the main goal.
- Fed Chairman Jerome Powell said on Friday the central bank will “use our tools vigorously” to attack inflation, which has been near its highest level in more than 40 years.
- In his annual Jackson Hole policy speech, Powell added that higher interest rates will likely “continue for a while.”
- The comments came amid signs that inflation may have peaked, but showed no obvious signs of decline. Powell said the Fed would not be affected by a month or two of data.
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