Powell Targets High-or-Higher Rate Path as Economy Picks Up
- Policy to stay restrictive until inflation firmly headed down
- Fed chief indicates strategy shifting toward managing risks
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Federal Reserve Chair Jerome Powell signaled interest rates will stay high and could rise even further should the economy and inflation fail to cool.
In a hotly anticipated speech Friday at the US central bank’s annual conference in Jackson Hole, Wyoming, Powell stressed that the Fed’s inflation-fighting job isn’t done while noting progress in slowing price gains.