USA: The Fed strongly determined to reduce inflation, says Powell | Photo credits: Tom Williams/CQ-Roll Call/Sipa U/SIPA
WASHINGTON, June 22 (Reuters) – The U.S. Federal Reserve (Fed) is “strongly committed” to bringing down inflation, which is at its highest level in 40 years, and policymakers are moving “quickly to do so”, said said its president on Wednesday.
“It is essential that we bring inflation down if we are to have a prolonged period of good labor market conditions that benefit everyone,” Jerome Powell said in remarks prepared for his hearing before the Senate Banking Committee. American.
He added that the pace of further rate hikes would continue to depend on indicators and how the economic outlook evolves. (Reporting Dan Burns; French version Claude Chendjou, with contributions from Marc Angrand, editing by Kate Entringer)