The Federal Reserve remains 'very far' from its target inflation rate, Fed Chair Jerome Powell says.
rate and nearly all members of its decision-making committee support at least one additional interest rate hike, Fed Chair Jerome Powell told House lawmakers on Wednesday.
"We're very far from our inflation target," Powell told members of the House Financial Services Committee on Wednesday. "We're very focused on getting back to 2%." Price hikes hurt "people generally at the lower end of the income spectrum much harder than people at the middle or the high end because high inflation can get you in trouble right away if you're living on a fixed income just to cover the basic necessities," Powell said.The slowdown of price increases from the peak last summer has coincided with a sharp escalation of the Federal Reserve's benchmark interest rate last seen in the 1980s.
Data released in recent months suggests that the policy approach has succeeded in slowing economic activity while averting a downturn.by a sluggish 1.1% annualized rate over the three months ending in March, according to government data.A jobs report earlier this month showed that the labor market grew robustly in May, adding 339,000 jobs compared to Wall Street estimates of just 195,000.
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