Thursday, April 18, 2024

Fed to continue pursuing ‘restrictive policy’ to combat inflation

A recent easing in the rate of inflation hasn’t been enough to convince the Federal Reserve to reverse course on raising interest rates, with the Federal Open Market Committee likely to pursue a “restrictive policy stance for some time,” Fed Chair Jerome Powell said at a Jackson Hole, Wyoming, monetary policy conference last week.

While higher interest rates and a slowdown in hiring will bring “some pain” to households and businesses, “a failure to restore price stability would mean far greater pain,” he said.

Click here to read all of Powell’s comments at the conference.