WASHINGTON (Sputnik) – The Federal Reserve will keep raising interest rates as long as it is needed to bring inflation back to its long-term target of 2% per year given that the US economy is not cooling as was initially thought, Chairman Jerome Powell said on Friday.
“It is the Fed’s job to bring inflation down to our 2% goal, and we will do so,” Powell stressed, opening the US central bank’s annual symposium in Jackson Hole, Wyoming.
The symposium is said to be one of the most-watched events for clues on decisions concerning the US interest rates.
Powell stated that the Fed is “prepared to raise rates further if appropriate and intend to hold policy at a restrictive level until we are confident that inflation is moving sustainably down toward our objective.
Source: Sputnik