Fed’s inflation fight is ‘unconditional,’ Powell says

Published by
Reuters

By Lindsay Dunsmuir and Ann Saphir (Reuters) – The Federal Reserve’s commitment to reining in 40-year-high inflation is “unconditional,” U.S. central bank chief Jerome Powell told lawmakers on Thursday, even as he acknowledged that sharply higher interest rates may push up unemployment. “We really need to restore price stability … because without that we’re not going to be able to have a sustained period of maximum employment where the benefits are spread very widely,” Powell told the U.S. House of Representatives Financial Services Committee. “It’s something that we need to do, we must do.”…

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