“Restoring price stability will likely require maintaining a restrictive policy stance for some time,” Powell told the audience at the Fed’s annual retreat in Wyoming’s Grand Teton National Park. “The historical record cautions strongly against prematurely loosening policy.”
Federal Reserve Chair Jerome Powell issued a fresh warning to investors doubting his resolve to fight inflation: interest rates are heading higher and will stay there “for some time.”
The message from Jackson Hole – hammered home by Powell in a terse five-page speech Friday and endlessly repeated by his colleagues – is that the central bank will not blink in the fight to cool prices.
