Ensure that the key interest rate is kept high
Jackson Hole/Wyoming – Associated Press
Posted on: August 25, 2023: 06:14 PM GST Last updated: August 25, 2023: 07:04 PM GST
US Federal Reserve Chairman Jerome Powell said that continued resilience in the US economy may require additional interest rate increases.
On Friday, in a closely followed speech, Powell also highlighted the uncertain nature of the US economic outlook.
Powell noted that the economy is growing faster than expected this year and that consumers are continuing to spend at a rapid pace, trends that could keep inflation pressures high.
He also reiterated the Fed’s determination to keep the key interest rate high until rate increases are reduced to the US central bank’s 2% target.
The Fed chief also said, “We stand ready to raise interest rates further if appropriate, and intend to keep policy at a constrained level until we are confident that inflation is moving steadily toward our target.”
2023-08-25 14:14:00
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