Powell: Fed to keep rates higher for longer to cut inflation

Powell: Fed to keep rates higher for longer to cut inflation

WASHINGTON (AP) — The Federal Reserve will push rates higher than previously expected and keep them there for an extended period, Chair Jerome Powell said Wednesday, in remarks likely intended to underscore the Fed’s single-minded focus on combating stubborn inflation.
Powell also signaled in a written speech to be delivered to the Brookings Institution that the Fed may increase its key interest…

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