2/1, 8:33 PM (Source: TeleTrader)
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Powell: US economy slowed significantly in 2022

The United States economy slowed "significantly" in 2022, Federal Reserve Chair Jerome Powell stated on Wednesday.

Speaking at a press conference after the Fed raised the main interest rate by 0.25 percentage points, Powell stressed that the central bank has "covered a lot of ground" but that "there's more work to do," underlining that the Fed is strongly committed to pushing inflation down to 2%. Price stability is the "bedrock" of the economy and
ongoing rate hikes will be appropriate, he noted.

Despite moderating recently, inflation is still well above the central bank's 2% target and the Fed will need more evidence to be convinced that inflation is on a "sustained downward path," Powell stressed. He reiterated that the historical record shows that monetary policy should not be eased too early.

Baha Breaking News (BBN) / MS