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Fed's Powell says commitment to curbing inflation is 'unconditional'

The Straits Times LogoThe Straits Times1w ago

Fed's Powell says commitment to curbing inflation is 'unconditional'

Quick Summary

June 24, 2022 12:14 AMWASHINGTON (REUTERS) - The Federal Reserve's commitment to reining in 40-year-high inflation is "unconditional" but also comes with the risk of higher unemployment, United States central bank chief Jerome Powell said on Thursday (June 23).

"We don't have precision tools," he said, "so there is a risk that unemployment would move up, from what is historically a low level though.A labour market with 4.1 per cent or 4.3 per cent unemployment is still a very strong labour market".

Economists polled by Reuters earlier this week forecast the Fed would deliver another 75-basis-point rate hike in July, followed by a half-percentage-point rise in September, with no scaling back to quarter-percentage-point moves until November at the earliest.


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Article Details

Category: Economy

Topics: Powell Cent Rise Inflation Unemployment Price Need Rate Months Central Risk

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-06-24, 00:14:58

News Timezone: GMT +8:00

News Source URL: straitstimes.com

Language: English

Reading Time: 4 minutes read

Article Length: 658 words

Coverage Area: Singapore

Availability: Desktop Web, Mobile Web

News ID: 6466

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About The Straits Times

The Straits Times Logo

Main Topics: Economy

Official Website: straitstimes.com

Update Frequency: 6 posts per day

Year Established: 1845

Headquarters: Singapore

News Last Updated: 1h ago

Coverage Areas: Singapore

Ownership: Independent Company

Publication Timezone: GMT +8:00

News Language: English

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Website Security: Secure (HTTPS)

Publisher ID: #25

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