JUST IN: Federal Reserve Chair Jerome Powell vowed to fight inflation 'forcefully,' as he weighs whether a large rate increase will be necessary at the central bank's meeting next month.
August 26, 2022, 10:24 AMIn this file photo taken on July 27, 2022 Federal Reserve Board Chairman Jerome Powell speaks during a news conference in Washington, D.C.Federal Reserve Chair Jerome Powell vowed to fight inflation "forcefully" in remarks on Friday at the central bank's annual summer gathering in Jackson Hole, Wyoming.
Powell acknowledged that further rate increases will "bring some pain to households and business" but said persistent elevated inflation threatens even worse pain. July's consumer price index, or CPI, rose 8.5% over the past year, a marked slowdown from a 9.1% year-over-year rate measured in June, the bureau said.
Fed officials have signaled in recent days that the central bank intends to continue a series of rate hikes, aiming to bring inflation back down to its target of 2%.
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