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Powell Hammers Home ‘Unconditional’ Commitment to Cool Prices

  • Fed chair testifies before Congress for a second day
  • Another official backs raising rates 75 basis points in July
Bloomberg business news
Powell: Inflation-Fight Commitment Is 'Unconditional'
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Federal Reserve Chair Jerome Powell called his commitment to curbing inflation “unconditional” and another of his colleagues backed raising interest rates by 75 basis points again next month, even as Democrats warned him against triggering a recession.

“We have a labor market that is sort of unsustainably hot and we’re very far from our inflation target,” Powell told the House Financial Services Committee Thursday during his second day of semiannual congressional testimony. “We really need to restore price stability, get inflation back down to 2%, because without that we’re not going to be able to have a sustained period of maximum employment.”