Fed Chairman Powell: Inflation is well above target and further interest rate hikes may be needed

Odaily news: Federal Reserve Chairman Powell gave a speech. He said that inflation is well above the target level and further interest rate increases may be needed. “A few months of good inflation data are just part of the start, but there is still a long way to go to get inflation down to 2%. The tightening stance of policy puts downward pressure on inflation and equally on the economy. Committing to a sufficiently restrictive policy stance may require further interest rate increases. Financial conditions have tightened significantly. (Golden Ten)