Restoring price stability will cause some pain now, but will forestall the greater pain of higher inflation, Federal Reserve Chairman Jerome Powell said in a speech on Friday.

Powell, speaking at an economic policy symposium in Jackson Hole, Wyoming, made it clear that the Federal Open Market Committee (FOMC) would continue to be tightly focused on bringing inflation back down to its 2% goal. Although he didn’t specify how high the FOMC might raise the federal funds rate at their September meeting, markets reacted to the comments by falling sharply on Friday morning.

Powell noted that inflation was still running details ⇒

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