Jay Powell did little to dispel expectations on Thursday that the Federal Reserve will deliver a third consecutive 0.75 percentage point rate rise, saying the US central bank needed to act “forthrightly” to ensure elevated inflation did not become entrenched.
In his last public remarks before the bank’s policy meeting later this month, the Fed chair doubled down on the hawkish message he delivered at the recent Jackson Hole conference in Wyoming, reiterating that the central bank “has and accepts responsibility for price stability”.
“We need to act now, forthrightly, strongly, as we have been doing and we need to keep at it until the job is done,” he said during a moderated discussion at a conference hosted by the Cato Institute.
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