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Economics
Central Banks

Powell Signals More Pain to Come With Fed Sending Rates Higher

  • Fed delivers its third straight 75 basis point increase
  • Fed chair says rates to rise until ‘sufficiently restrictive’
Bloomberg business news
Fed's Powell: There's No Painless Way to Beat Inflation
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Federal Reserve Chair Jerome Powell vowed officials would crush inflation after they raised interest rates by 75 basis points for a third straight time and signaled even more aggressive hikes ahead than investors had expected.

“We have got to get inflation behind us. I wish there were a painless way to do that. There isn’t,” Powell told a press conference in Washington on Wednesday after officials lifted the target for the benchmark federal funds rate to a range of 3% to 3.25%.