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Powell Warns Inflation 'Remains Too High' – Slashdot
Jay Powell has warned that inflation “remains too high,” raising the prospect of further interest rate increases in the world’s largest economy should price pressures persist. Financial Times:
In a highly anticipated speech on Friday, the chair of the US Federal Reserve at times struck a hawkish tone, pointing to the central bank’s readiness to maintain a “restrictive” policy to bring inflation down to its 2 per cent target. “Although inflation has moved down from its peak — a welcome development — it remains too high,” Powell said at the Fed’s annual economic symposium in Jackson Hole, Wyoming. “We are prepared to raise rates further if appropriate, and intend to hold policy at a restrictive level until we are confident that inflation is moving sustainably down toward our objective,” he added.
But he tempered that message with a pledge to proceed “carefully” as the Fed navigates the final stages of its campaign to stamp out the worst inflation shock in decades. Headline US inflation, according to the consumer price index, was 3.2 per cent for July, well down from its peak of 9.1 per cent, but above June’s rate of 3 per cent. Powell said the Fed was now focused not only on the risk of tightening monetary policy too little and allowing inflation to become entrenched but also of raising rates too high. “Doing too much could also do unnecessary harm to the economy,” he said.
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