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The global inflation crisis put the world’s central banks in lockstep for the past year, raising rates nearly in unison. But the economic landscape has changed, and diverging policies could spell trouble down the road.
(Bloomberg) -- Federal Reserve Chair Jerome Powell said the US central bank is prepared to raise interest rates further if needed and intends to keep borrowing costs high until inflation is on a convincing path toward the Fed’s 2% target.Most Read from BloombergPowell Signals Fed Will Raise Rates If Needed, Keep Them HighNYC’s Most Exciting New Fine Dining Restaurant Is in a Subway StationTesla Investors to Get $12,000 Each From Musk’s SEC DealTrump Returns to Musk’s X With Post of Georgia Mug S
Fed chair's remarks come at a pivotal moment for the economy.
Central bank officials from across the world have descended upon Jackson Hole, Wyoming this week to discuss policy decisions that will shape the economy for years to come.
The central bank remains committed to reaching its 2% inflation target. Federal Reserve Chairman Jerome Powell got to the point quickly in his speech at the central bank’s annual conference in Jackson Hole, Wyoming, on Thursday: “It is the Fed’s job to bring inflation down to our 2% goal, and we will do so.”Powell acknowledged that inflation has fallen from its peak, but also stressed that it remains too high. As such, the central bank's rate-setting group, the Federal Open Market Committee (FOM