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Powell’s New Guidance: Higher Rates for Longer to Beat Inflation

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Fed Chair Powell Gives Eight Minute Speech at Jackson Hole

Federal Reserve Chair Jerome Powell issued a fresh warning to investors doubting his resolve to fight inflation: interest rates are heading higher and will stay there “for some time.”

The message from Jackson Hole -- hammered home by Powell in a terse five-page speech Friday and endlessly repeated by his colleagues -- is that the central bank will not blink in the fight to cool prices.