Powell says Fed 'strongly committed' to inflation fight, but not trying to trigger recession

The Star Business LogoThe Star Business1w ago

Powell says Fed 'strongly committed' to inflation fight, but not trying to trigger recession

Quick Summary

The Federal Reserve is "strongly committed" to bringing down inflation that is running at a 40-year high and policymakers are acting "expeditiously to do so" but are not trying to cause a recession in the process, U.S.central bank chief Jerome Powell said on Wednesday.

One week ago, the Fed raised its benchmark overnight interest rate by three-quarters of a percentage point - its biggest hike since 1994 - to a range of 1.50% to 1.75%, and signaled rates would rise another 1.75 percentage points this year.

"It is essential that we bring inflation down if we are to have a sustained period of strong labor market conditions that benefit all," Powell said at a hearing before the U.S.

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Article Details

Author / Journalist: The Star Online

Category: Business

Topics: /Business/Business News Recession Fed Inflation Prices Economy Powell

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-06-23, 01:02:00

News Timezone: GMT +8:00

News Source URL:

Language: English

Reading Time: 6 minutes read

Article Length: 969 words

Coverage Area: Malaysia

Availability: Desktop Web, Mobile Web

News ID: 3989

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Year Established: 1971

Headquarters: Malaysia

News Last Updated: 4h ago

Coverage Areas: Malaysia

Ownership: Independent Company

Publication Timezone: GMT +8:00

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