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Powell tells Congress the Fed is 'strongly committed' to bringing down inflation

CNBC Finance LogoCNBC Finance1w ago

Powell tells Congress the Fed is 'strongly committed' to bringing down inflation

Quick Summary

Fed Chairman Jerome Powell said Wednesday that the central bank is determined to bringing down inflation and has the ability to make that happen.

The 75 basis point increase at last week's Federal Open Market Committee meeting marked the biggest single hike since 1994.Sen.

He noted that the war in Ukraine and Covid-linked shutdowns in China are adding to inflation pressures, and added that the problem is not unique to the U.S.but is affecting many global economies.


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Article Details

Author / Journalist: https://www.facebook.com/CNBC

Category: MarketsFinanceInvesting

Topics: Prices Breaking News: Markets Markets US Economy US: News The Fed Breaking News: Economy Economy Politics Source:tagname:CNBC US Source Personnel Federal Reserve Bank Breaking news Inflation Cnbc Interest Rates Jerome Powell Articles

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-06-22, 14:13:14

News Timezone: GMT -5:00

News Source URL: cnbc.com

Language: English

Reading Time: 4 minutes read

Article Length: 668 words

Coverage Area: United States

Availability: Desktop Web, Mobile Web

News ID: 3739

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About CNBC Finance

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Main Topics: MarketsFinanceInvesting

Official Website: cnbc.com

Update Frequency: 3 posts per day

Year Established: 2005

Headquarters: United States

Last Updated: 22h ago

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