Braking Down The News

Fed’s Powell Affirms Need to Act Strongly to Fight Inflation

Central bank officials haven’t pushed back against market expectations of third consecutive 0.75-point rate increase later this month

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Federal Reserve Chairman Jerome Powell said the central bank is squarely focused on bringing down high inflation to prevent it from becoming entrenched as it did in the 1970s, firming expectations of a third consecutive 0.75-percentage-point rate rise later this month.

“It is very much our view, and my view, that we need to act now forthrightly, strongly, as we have been doing, and we need to keep at it until the job is done,” Mr. Powell said Thursday morning at a virtual conference hosted by the Cato Institute.

 

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