Jerome Powell said the Federal Reserve is strongly committed to lowering inflation even though interest-rate increases could fuel political blowback
Federal Reserve Chair Jerome Powell on Wednesday announced an interest-rate increase of 0.5 percentage point and said the Fed expects that more rises will be appropriate. Photo: Al Drago/Bloomberg Newseven though interest-rate increases to restrain economic growth could fuel political blowback, said Chair Jerome Powell.
“Price stability is the bedrock of a healthy economy and provides the public with immeasurable benefits over time,” Mr. Powell said Tuesday in remarks prepared for delivery on panel discussion in Stockholm. “But restoring price stability when inflation is high can require measures that are not popular in the short term as we raise interest rates to slow the economy.”
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