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.
Federal Reserve Chair Jerome Powell, right, walks with with Federal Reserve Vice Chair Lael Brainard, center, and Federal Reserve Bank of New York president and CEO John Williams, left, at the central bank's annual symposium in Grand Teton National Park Friday, Aug. 26, 2022. in Moran, Wyo. with more sharp interest rate hikes, which will likely cause pain for Americans in the form of a weaker economy and job losses.
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. Powell said the size of the Fed’s rate increase at its next meeting in late September — whether one-half or three-quarters of a percentage point — will depend on inflation and jobs data. An increase of either size, though, would exceed the Fed’s traditional quarter-point hike, a reflection of how severe inflation has become.
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