US Federal Reserve Chairman Jerome Powell said today, Friday, that the US central bank is ready to raise interest rates if necessary, and will continue its tightening monetary policy, until inflation moves towards the 2 percent target.
Powell stressed, in his speech at Jackson Hole, that reducing inflation to 2 percent in a sustainable manner will require a period of economic growth below the prevailing trend, in addition to a slowdown in the labor market, which is still tight, while the rate remains. Unemployment is down at about 3.6 percent.
Source: Qatar News Agency