Foul Powell on the prowl … at Jackson Hole.
Federal Reserve Chair Jerome Powell signaled the US central bank is likely to keep raising interest rates and leave them elevated for a while to stamp out inflation, and he pushed back against any idea that the Fed would soon reverse course.
“Restoring price stability will likely require maintaining a restrictive policy stance for some time,” Powell said Friday in remarks at the Kansas City Fed’s annual policy forum in Jackson Hole, Wyoming. “The historical record cautions strongly against prematurely loosening policy.”
“Restoring price stability will likely require maintaining a restrictive policy stance for some time,”says Federal Reserve Chair Jerome Powell.
He said restoring inflation to the 2% target is the central bank’s “overarching focus right now” even though consumers and businesses will feel economic pain. He reiterated that another “unusually large” increase in the benchmark lending rate could be appropriate when officials gather next month, though he stopped short of committing to one.
And on the ramblings from Foul Powell, the NASDAQ dropped -2.58%.
Mortgage rates? Will likely rise further on Foul Powell’s statements.
