the Fed must act firmly against inflation, says Jerome Powell
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“We must act firmly as we have done, and we must persevere until the job is done,” said the president of the American central bank.
The Fed must act decisively against inflationin order to prevent it from becoming entrenched in the minds of consumers, as in the early 1980s, which makes it even more expensive to return to price stability, its president, Jerome Powell, said on Thursday.
“We must act firmly as we have done, and we must persevere until the job is done.“, said the president of the American central bank (Fed) during the annual monetary conference of the Cato Institute. “We think we can avoid the kind of very high social costs“that the Fed had, at the time, “had to impose to bring down inflation and establish a long period of price stability“.
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