Federal Reserve Chair Jerome Powell on Wednesday said the Fed will continue to raise interest rates in an effort to combat inflation as Americans across the country feel the burden of the fastest price increases in 40 years.
But the central bank faces a mounting challenge: easing prices without pushing the country into a recession.
During the hearing, Powell acknowledged that poses a significant hardship for Americans and said there has not been any indication yet that prices are coming down. According to the latest data, prices are up 8.6% from a year ago, rising at the fastest pace since 1982. Not including energy and food prices, which are often volatile, prices are up 6% from a year ago.
"Consumers are in good shape, businesses are in good shape," Powell said."Clearly financial conditions have tightened."
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