Federal Reserve chair Jerome Powell said that the stronger-than-expected jobs report shows that the process of bringing inflation down won't be smooth and will take 'quite a bit of time.'
would prompt the Fed to act more aggressively than previously thought. But he repeated that further interest rate increases would be necessary to contain inflation."This process ... is not going to be we think smooth. It's probably going to be bumpy," Powell said, speaking during an appearance at The Economic Club of Washington, D.C.
But Fed officials have zeroed in on price pressures within a specific sector: services, excluding energy and housing — that may be more sensitive to a hot labor market, and pass higher labor costs on to consumers.
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