Federal Reserve Chairman Jerome Powell on Friday delivered a stark message on the state of the U.S. economy at the annual central bank gathering in Wyoming: Inflation remains painfully high, and cooling it will require forceful action that could soon bring “pain” to households and businesses nationwide.
In his hotly anticipated speech at the Kansas Federal Reserve’s Jackson Hole symposium, Powell reiterated a pledge to “forcefully” fight inflation that is still running near the hottest pace in 40 years and wrestle it closer to the Fed’s 2% goal.
“While higher interest rates, slower growth, and softer labor market conditions will bring down inflation, they will also bring some pain to households and businesses,” he said. “These are the unfortunate costs of reducing inflation. But a failure to restore price stability would mean far greater pain.”
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