Fed Chair Powell: Slower economic growth may be needed to conquer stubbornly high inflation
Federal Reserve Chair Jerome Powell said inflation remains too high and that bringing it down to the Fed’s target level will likely require a slower-growing economy and job market WASHINGTON -- Federal Reserve Chair Jerome Powell said Thursday that inflation remains too high and that bringing it down to the Fed's target level will likely require a slower-growing economy and job market. Powell noted that inflation has cooled significantly from a year ago. But he cautioned that it's not yet clear whether inflation is on a steady path back to the Fed's 2% target. “A few months of good data are only the beginning of what it will take to build confidence that inflation is moving down sustainably toward our goal,” Powell said in remarks to the Economic Club of New York. “We cannot yet know how long these lower readings will persist or where inflation will settle over coming quarters.” Last month, Fed officials predicted that they would impose one more interest rate hike before ...