Fed chair Powell: No “clear progress” toward lower inflation – By Courtenay Brown & Neil Irwin (Axios) / Nov 30, 2022
Federal Reserve chair Jerome Powell on Wednesday said there isn’t yet “clear progress” that decades-high inflation has turned a corner, despite rapid interest rate increases and slowing economic growth.
Why it matters: The assessment signals that the Fed will continue raising interest rates higher than its leaders expected, and will likely keep them high next year in its effort to tamp down inflation.
What they’re saying: “It will take substantially more evidence to give comfort that inflation is actually declining.” Powell said at an event hosted by the Brookings Institution.
- “By any standard, inflation remains much too high”
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