Federal Reserve Chair Jerome Powell Remarks on the Economy

Federal Reserve Chair Jerome Powell said the Fed would continue to raise interest rates and hold them at a higher level until inflation is under control. His remarks came during the annual Jackson Hole Economic Policy Symposium in Wyoming. He said, “At some point, as the stance of monetary policy tightens further, it likely will become appropriate to slow the pace of increases. Restoring price stability will likely require maintaining a restrictive policy stance for some time.” He acknowledged that higher interest rates can take a toll on Americans and said, “While rate increases will slow growth and inflation, they will also bring some pain to households and businesses. Those are the unfortunate costs of reducing inflation. But a failure to restore price stability would mean far greater pain.” Chair Powell also discussed the lessons learned about inflation from the past. The Jackson Hole Economic Policy Symposium is hosted by the Federal Reserve Bank of Kansas City. close