Chairman Powell says they will “do whatever it takes.”
Federal Reserve Chairman Jerome Powell said Wednesday that the U.S. central bank will “do whatever it takes” even if it means raising interest rates to levels that put growth at risk.
“There’s a clock running here, where we have inflation running now for more than a year,” Chairman Powell said. He stated that U.S. policymakers would not allow inflation to take hold of the economy over the longer term.
“We’re strongly committed to using our tools to get inflation to come down. The way to do that is to slow down growth, ideally keeping it positive,” he said. “Is there a risk that would go too far? Certainly, there’s a risk. I wouldn’t agree that it’s the biggest risk to the economy. The bigger mistake to make… would be to fail to restore price stability.”
As the Lord Leads, Pray with Us…
- For the members of the Federal Reserve as they endeavor to reduce inflation by increasing interest rates.
- For Reserve Chair Powell to seek God’s guidance as he addresses inflation.
- For members of Congress to evaluate the impact of federal spending on the national economy.
Sources: Reuters, Wall Street Journal, CNBC
