The chairman of the U.S. Federal Reserve, Jerome Powell, warned on Friday that inflation remains too high and signaled the central bank may continue raising interest rates to get it under control. In remarks at the Jackson Hole symposium, Powell acknowledged recent progress in lowering inflation but said there’s “substantial further ground to cover” before returning to the Fed’s 2% target.
Powell Signals Further Rate Hikes Amid Lingering Inflation Concerns; Pledges ‘We Will Keep at It Until the Job Is Done’
While headline inflation has fallen from its peak of 7% in June 2022, Powell focused his remarks on core inflation, which excludes volatile food and energy prices. Core inflation remains elevated at 4.3% and Powell said “sustained progress is needed” through “restrictive monetary policy” to bring it down further.
Powell pointed to declining goods prices and a cooling housing sector as evidence that rate hikes are working to curb demand. But he also cited high ser
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