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Federal Reserve to keep raising interest rates to fight inflation: Powell

Federal Reserve to keep raising interest rates to fight inflation: Powell

Arab Finance: The Federal Reserve will keep raising interest rates until the US economy is under control, CNBC reported, citing Fed Chairman Jerome Powell.

Powell also warned that raising interest rates to fight inflation would cause “some pain” to the US economy.

“We are moving our policy stance purposefully to a level that will be sufficiently restrictive to return inflation to 2%,” Powell said in a speech at the annual Jackson Hole Economic Symposium on Friday.

Moreover, he confirmed that the Fed will use tools to “forcefully” bring inflation down as it is nearing its 40-year highest level.

The eight-minute speech has caused the fortunes of the richest people in the US to drop by $78 billion, according to Bloomberg.

The speech affected Elon Musk’s fortune, making him lose $5.5 billion, while Jeff Bezos lost $6.8 billion from his wealth.

Meanwhile, Bill Gates lost $2.2 billion from his wealth, while the fortunes of Warren Buffett fell by $2.7 billion.

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13 Jun 2022
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