Powell promises ‘forceful’ action to reduce inflation
Fed chair warns against premature loosening and says cutting inflation “will take some time”
The Federal Reserve’s chairman Jerome Powell said today (August 26) that it will reduce inflation by any monetary means necessary.
At Jackson Hole on August 26, the Fed chair said the job “will take some time” and may require the Fed to use its tools forcibly. He said it would likely be painful and cause what he called “some softening of labour market conditions”.
The alternative, failing to bring down inflation, he said, is worse. He said his speech this year was shorter, narrower and more
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