Federal Reserve Chair Jerome Powell delivered a stark message Friday: The Fed is determined to fight inflation with more sharp interest rate hikes, which will likely cause pain for Americans in the form of a weaker economy and job losses.
after Powell's remarks, and bond yields rose, a sign that investors foresee more large interest rate hikes ahead. Some on Wall Street expect the economy to fall into recession later this year or early next year, after which they expect the Fed to reverse itself and reduce rates.
After raising its key short-term rate by a steep three-quarters of a point at each of its past two meetings — part of the Fed's fastest series of hikes since the early 1980s — Powell said the Fed might ease up on that pace “at some point” — suggesting that any such slowing isn't near. The Fed chair said that while lower inflation readings that have been reported for July have been “welcome,” he added that, “a single month’s improvement falls far short of what will need to see before we are confident that inflation is moving down.”. Though prices did jump 6.3% in July from 12 months earlier, that was down from a 6.8% year-over-year jump in June, which had been the highest since 1982. The drop largely reflected lower gas prices.
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