Powell vows to raise rates as high as needed to tame inflation
Updated: 2022-05-18 13:30:46 KST
Federal Reserve Chairman Jerome Powell said in an interview Tuesday with the Wall Street Journal that the Fed is going to keep raising interest rates until there's clear evidence that inflation is coming down.
He said the Fed will not hesitate to push rates above levels considered neutral, and recommitted to the Fed's two-percent inflation target.
In April, inflation in the U.S. was at 8.3 percent, close to a 40-year high.
The Fed this month raised interest rates by half a percentage point, the biggest rise since the year 2000, and is widely expected to do several more hikes this year of 50 basis points or more.