Federal Reserve Chair Jerome Powell repeated his hope that the Fed can achieve a so-called soft landing, but said the Russian invasion of Ukraine has made it more difficult.
WASHINGTON — Federal Reserve Chair Jerome Powell said there’s “no guarantee’' the central bank can Speaking Wednesday at a European Central Bank forum in Sintra, Portugal, Powell repeated his hope that the Fed can achieve a so-called soft landing — raising interest rates just enough to slow the economy and rein in surging consumer prices without “We believe we can do that. That is our aim,’’ he said.
. She also pointed to Europe’s proximity to the war in Ukraine and said how “energy was vastly underestimated” in the bank’s assessment of inflation. that emerged just over a year ago. They believed that rising prices were the temporary result of supply chain snags as the economy bounced back with unexpected speed from 2020′s brief but devastating coronavirus recession.
But inflation kept accelerating. The Fed raised its short-term benchmark rate in March and May and appeared to be ready for another half-percentage-point increase at its meeting June 14-15. Then, the Labor Department reported that consumer prices had shot up 8.6% in May from a year earlier — biggest jump since 1981. The Fed responded by
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