Fed Chair Powell vows to raise rates to fight inflation ‘until the job is done’

#economy #politics #comedy
Federal Reserve Chair Jerome Powell said Thursday he is “strongly committed” to fighting inflation.

The Fed has raised benchmark interest rates four times this year, with the fed funds rate now set in a range between 2.25%-2.50%.

This was the Fed chief’s last publicly scheduled appearance before the central bank’s Sept. 20-21 meeting.

Federal Reserve Chair Jerome Powell in an appearance Thursday emphasized the importance of getting inflation down now before the public gets too used to higher prices and comes to expect them as the norm.

In his latest comments underlining his commitment to the inflation fight, Powell said expectations play an important role and were a critical reason why inflation was so persistent in the 1970s and ’80s.

Markets largely took the comments in stride, with major averages little changed in the early going on Wall Street. Treasury yields were mostly higher, with the two-year note, the most sensitive to Fed rate hikes, rising by nearly five basis points to 3.49%. A basis point equals 0.01 percentage point.

The Fed has raised benchmark interest rates four times this year, with the fed funds rate now set in a range between 2.25%-2.50%.

Source:
https://www.cnbc.com/2022/09/08/fed-chair-powell-vows-to-raise-rates-to-fight-inflation-until-the-job-is-done.html