Economy

Powell tells Congress the Fed is ‘strongly committed’ on inflation, notes recession is a ‘possibility’

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Federal Reserve Chairman Jerome Powell told congressional lawmakers Wednesday that the central bank is determined to bring down inflation and has the ability to make that happen.

“At the Fed, we understand the hardship high inflation is causing. We are strongly committed to bringing inflation back down, and we are moving expeditiously to do so,” the Fed chief said in remarks for the Senate Banking Committee. “We have both the tools we need and the resolve it will take to restore price stability on behalf of American families and businesses.”

Along with expressing resolve on inflation, Powell said economic conditions are generally favorable, with a strong labor market and persistently high…



Source cnbc.com

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