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Economics
Inflation & Prices

Powell Warns of Correction in Once ‘Red-Hot’ Housing Market

  • Fed chief says US property price-gains were unsustainable
  • ‘Good thing’ for prices to decelerate, Powell says Wednesday
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Fed's Powell: There's No Painless Way to Beat Inflation

Federal Reserve Chair Jerome Powell warned that the US housing market is likely to suffer a reversal in the wake of policy makers’ interest-rate hikes.

“We’ve had a time of a red-hot housing market all over the country,” Powell said in a press conference after the Fed’s policy decision on Wednesday, in which the central bank raised interest rates by another 75 basis points.