Jerome Powell says Fed continues aggressively to fight inflation

Federal Reserve Chair Jerome Powell

Federal Reserve Chair Jerome Powell said the central bank is strongly committed to fighting inflation until the job is done.

“The longer inflation remains well above target, the greater the risk the public does begin to see higher inflation as the norm, and that has the capacity to raise the costs of getting inflation down,” The central bank leader said in a Q&A presented by the Cato Institute.

The Fed has raised the interest rate four times since the beginning of 2022, and is forecast to hike it by 75 basis points at Sept. 21 meeting.