Market Watch
Powell vows Fed will conquer high inflation. Here’s what he said
Fed under the gun with inflation at 40-year high
Federal Reserve Chairman Jerome Powell on Wednesday said inflation is going stay high in 2022, but he vowed the central bank will do whatever it takes to bring price rises under control.
The Fed raised interest rates for the first time in four years as part of a broader strategy to combat the highest inflation in 40 years. The rate of inflation has surged to almost 8% in the wake of the coronavirus pandemic.
Here’s what Powell said about inflation after the Fed decision.
- “We will take the necessary steps to ensure that high inflation does not become entrenched.”
- “We have to restore price stability.”
- Inflation is far, far above target.”
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