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Reuters
Powell sees pain ahead as Fed sticks to the fast lane to beat inflation
JACKSON HOLE, Wyo. (Reuters) -Americans are headed for a painful period of slow economic growth and possibly rising joblessness as the Federal Reserve raises interest rates to fight high inflation, U.S. central bank chief Jerome Powell warned on Friday in his bluntest language yet about what is in store for the world’s biggest economy. In a speech kicking off the Jackson Hole central banking conference in Wyoming, Powell said the Fed will raise rates as high as needed to restrict growth, and would keep them there “for some time” to bring down inflation that is running at more than three times the Fed’s 2% goal. “Reducing inflation is likely to require a sustained period of below-trend growth,” Powell said.
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