Jerome H. Powell, the chair of the Federal Reserve, voiced worry about inflation expectations and declared the central bank ready to do what it takes to control rapid price increases.
- Fed Chairman Jerome Powell vowed tough action on inflation, which he said jeopardizes the recovery.
- Powell said the Fed will continue to hike rates until inflation comes under control, and could get even more aggressive than last week’s increase, which was the first in more than three years.
- He noted those rate rises could go from the traditional 25 basis point moves to more aggressive 50 basis point increases if necessary.
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See also Inflation Alert! April 2023 Rental Report: The median asking rent was $1,734, up by $4 from last month and down by $43 from the peak but still $348 (25.1%) higher than the same time in 2019 (pre-pandemic).
h/t ST. FLOYD OF FENTANYL