Federal Reserve Chair Jerome Powell warned that inflation remains 'too high' during his keynote address at the annual central bank meeting in Jackson Hole.
The Fed is scheduled to meet three more times this year, in September, November and December.
Policymakers have raised interest rates sharply over the past year, approving 11 rate hikes in hopes of crushing inflation and. In the span of just 16 months, interest rates surged from near zero to above 5%, the fastest pace of tightening since the 1980s. Hiking interest rates tends to create higher rates on consumer and business loans, which then slows the economy by forcing employers to cut back on spending.
Higher rates have helped push the average rate on 30-year mortgages above 7% for the first time in years. Borrowing costs for everything from home equity lines of credit, to auto loans and credit cards have also spiked.
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