Federal Reserve Chair Jerome Powell stressed on Thursday the U.S. central bank remains committed to bringing down inflation and will maintain restrictive monetary policy until prices cool. Speaking at the Economic Club of New York, Powell hinted that further interest rate hikes may be appropriate if price pressures persist.
Powell Signals for More Monetary Tightening as Fed Remains Focused on Inflation
In his remarks, Jerome Powell said inflation is still too high despite recent moderation. While headline and core PCE inflation have come down from their peaks earlier this year, the Fed chair said it is too early to be confident inflation will stay near the Fed’s 2% target.
“While the path is likely to be bumpy and take some time, my colleagues and I are united in our commitment to bringing inflation down sustainably to 2 percent,” Powell explained at the luncheon.
He further noted tightening financial conditions are putting downward pressure on inflation. But Powell warned persis
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