Powell Says Federal Reserve Will Take ‘Straightforward’ Action On Inflation

Federal Reserve Chairman Jerome Powell said the central bank needs to take straightforward and tough action in response to the current state of the economy.

He states that the work that former Federal Chair Paul Volcker did to finally control inflation came after several failed attempts, and the public was really starting to see high inflation as the norm and expected it to continue to go down. That’s why it’s hard to lower inflation right now. To bring inflation back down, Paul Volcker and the Federal Reserve set us a long period of price stability, with inflation remaining well above target for a longer period.

Powell said the Federal Reserve never considers external political factors; they are accountable to the public through Congress, and only focus on the goals that Congress has given.

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