Federal Reserve Chairman Jerome Powell said Tuesday that the central bank will continue to raise short-term interest rates until there is “clear and convincing evidence” that inflation is coming down.
A survey of professional forecasters, meanwhile, seemed to endorse the Fed's hope it can tame inflation without killing millions of jobs in the process. Meanwhile the consensus view on the unemployment rate in the next two years ticked up to just 3.8% from the current 3.6%, an outcome that would enthuse Fed officials if it plays out. Policymakers, including Chair Jerome Powell, have been warning U.S. households that the large increases in interest rates they are planning to control the inflation that has soured the national mood are likely to be painful in and of themselves.
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