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Committed to fight inflation but not trying to trigger recession: Fed chair

'It's essential that we bring inflation down if we are to have a sustained period of strong labor market conditions that benefit all,' Fed chair said at a hearing before US Senate Banking Committee

Jerome Powell
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US Fed chair Jerome Powell

Reuters
The Federal Reserve is "strongly committed" to bringing down inflation that is running at a 40-year high and policymakers are acting "expeditiously to do so" but are not trying to cause a recession in the process, U.S. central bank chief Jerome Powell said on Wednesday.

"It is essential that we bring inflation down if we are to have a sustained period of strong labor market conditions that benefit all," Powell said at a hearing before the U.S. Senate Banking Committee, adding that the central bank in coming months will be looking for "compelling evidence" of slowing price pressures before it eases

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Jun 22 2022 | 8:12 PM IST

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