Powell says ‘inflation is much too high’ and the Fed will take ‘necessary steps’ to address

Federal Reserve Chairman Jerome Powell on Monday vowed tough action on inflation, which he said jeopardizes an otherwise strong economic recovery. “The labor market is very strong, and inflation is much too high,” the central bank leader said in prepared remarks for the National Association for Business Economics. The speech comes less than a week after the Fed raised interest rates for the first time in more than three years in an attempt to battle inflation that is running at its highest level in 40 years. Reiterating a position the Federal Open Market Committee made in its post-meeting statement, Powell said interest rate hikes would continue until inflation is under control. He said the increases could be even higher if necessary than the quarter-percentage-point move approved last Wednesday.
Source: CNBC