26 August: Global Stocks Slip As Fed Chair Reiterates Aim Of Tackling Inflation
Share prices around the world dipped after US Federal Reserve chair Jerome Powell said the central bank would continue to raise interest rates to reduce the country’s high inflation rate.
Speaking today at the economic symposium held in Jackson Hole, Wyoming, Powell reiterated his commitment to tackle inflation, but warned this course of action could cause “some pain” to the US economy.
Mr Powell said: “We are taking forceful and rapid steps to moderate demand so that it comes into better alignment with supply, and to keep inflation expectations anchored. We will keep at it until we are confident the job is done.”
Last month, the Fed raised its target benchmark interest rate by 0.75 percentage points to a range between 2.25% and 2.5%. Shortly afterwards, the US reported a fall in inflation from a 40-year high of 9.1%…
