Powell warns of ‘some pain’ ahead as the Fed fights to bring down inflation

Federal Reserve Chairman Jerome Powell delivered a stern commitment Friday to halting inflation, warning that he expects the central bank to continue raising interest rates in a way that will cause “some pain” to the U.S. economy. CNBC reported.

Powell spoke at the Fed’s annual economic symposium in Jackson Hole on Friday. July’s Consumer Price Index showing prices staying flat was a good sign, he said, but one month is not enough time for the committee to let up on its aggressive approach to bringing down a 40-year-high inflation rate. Michigan Live reported.

Inflation data on Friday morning showed prices in America rose by 6.3% on a year-over-year basis in July, a notch down from the 6.8% pace measured in June. Yahoo News reports.

https://finance.yahoo.com/news/federal-reserve-powell-speech-jackson-hole-2022-140010694.html

https://www.mlive.com/public-interest/2022/08/more-interest-rate-hikes-ahead-fed-warns-of-pain-for-households.html

https://www.cnbc.com/2022/08/26/powell-warns-of-some-pain-ahead-as-fed-fights-to-lower-inflation.html

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