Economics
Jumbo Fed Rate Hike Is in Play as Powell Sticks to Hawkish View
- Fed chair speaks as bets for 75 basis-point hike harden
- Says Fed has and accepts responsibility for price stability
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Federal Reserve Chair Jerome Powell said officials won’t flinch in the battle to curb inflation, hardening expectations that they’ll deliver a third straight jumbo rate hike later this month.
“We need to act now, forthrightly, strongly as we have been doing,” Powell said Thursday in remarks at the Cato Institute’s monetary policy conference in Washington. “My colleagues and I are strongly committed to this project and will keep at it.” He spoke with a moderator in a virtual question-and-answer session.