The continued resilience of the U.S. economy could require further interest rate increases, Federal Reserve Chair Jerome Powell said in a closely watched speech that also highlighted the uncertain nature of the economic outlook
File - Federal Reserve Chairman Jerome Powell speaks during a House Financial Services Committee hearing in Washington, June 21, 2023. When Powell delivers a high-profile speech Friday in Jackson Hole, WY., many analysts think he could make one thing clear: That the Fed plans to keep its benchmark interest rate at a peak level for longer than had been expected. JACKSON HOLE, Wyoming — — The continued resilience of the U.S.
“We are prepared to raise rates further if appropriate and intend to hold policy at a restrictive level until we are confident that inflation is moving sustainably down toward our objective,” the Fed chair said. Powell also said the Fed believes its key rate is high enough to restrain the economy and cool growth, hiring and inflation. But he said it is hard to know how high borrowing costs have to be to restrain the economy, “and thus there is always uncertainty” about how effectively the Fed's policies are in reducing inflation.
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