Powell at Jackson Hole: Economy’s Solid Growth Suggests More Interest Rate Hikes Needed To Fight Inflation
‘Two months of good data,’ the Fed chairman says, ‘are only the beginning of what it will take to build confidence that inflation is moving down sustainably toward our goal.’
JACKSON HOLE, Wyoming — The strength of the American economy could require further interest rate increases in order to quell stubborn inflation, the Federal Reserve chairman, Jerome Powell, said Friday. The closely watched speech highlighted the uncertain nature of the economic outlook.
Mr. Powell noted that the economy has been growing faster than expected and that consumers have kept spending briskly — trends that could keep inflation pressures high. He also reiterated the Fed’s determination to keep its benchmark rate elevated until price increases are reduced to the central bank’s 2 percent target.
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