Federal Reserve Chairman Jerome Powell on Tuesday stressed that central bank policymakers remain committed to wrestling high inflation under control, even though the methods to do so can prove to be politically unpopular.
Powell is going to push forward rate hikes: Danielle DiMartino Booth
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“Price stability is the bedrock of a healthy economy and provides the public with immeasurable benefits over time,” Powell said Tuesday in remarks prepared for delivery at a conference held by Sweden’s central bank. “But restoring price stability when inflation is high can require measures that are not popular in the short term as we raise interest rates to slow the economy.”