US inflation is 'much too high', Fed says
Powell told reporters that another "unusually large" rate hike could follow as part of the Fed's aggressive attempts to cool the strongest surge in inflation in more than four decades, without derailing the world's largest economy.
- Economy
- AFP
- Published Date: 09:44 | 27 July 2022
- Modified Date: 10:08 | 27 July 2022
Federal Reserve Chair Jerome Powell said Wednesday that US inflation remains "much too high" as he explained the central bank's decision to again raise the benchmark interest rate by 75 basis points to tame spiraling price pressures.
Powell told reporters that another "unusually large" rate hike could follow as part of the Fed's aggressive attempts to cool the strongest surge in inflation in more than four decades, without derailing the world's largest economy.
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