Fed Chairman Jerome Powell stated that they will do their best to ensure price stability.
Speaking after the Fed’s interest rate decision, Powell said that it is a necessity to reduce inflation.
The headlines from Powell’s statements are as follows:
“We have a duty to ensure price stability. Reducing inflation is a must. We intend to continue to increase interest rates.
After inflation picked up again, the Fed decided that a larger rate hike was necessary.
We do not expect the 75 basis point increase to become permanent. In the upcoming meetings, the rate of increase in interest rates will depend on the data. There may be a 50 or 75 basis point rate hike in the upcoming meetings. We will try to be very clear about our intentions.
Monetary policy has been and will continue to be adaptive.
We are in the process of significantly reducing our balance sheet”
