Why Jerome Powell decided to go full Volcker: “We must keep at it until the job is done”
Aiming to reduce inflation even at the risk of recession, the Fed Chairman draws on a 1980s playbook. ‘We must keep at it until the job is done.’Photo Illustration: Timmy Huynh/The Wall Street Journal; Photos: Bloomberg News, CQ/Zuma Press, Bettmann ArchiveThe Federal Reserve’s annual August retreat in Jackson Hole, Wyo., was imminent, andon expectations the central bank might slow its pace of interest rate increases.
Fed officials thought investors were misreading their intentions given the need to slow the economy to combat high inflation. In a widely anticipated speech, Chairman Jerome Powell . He scrapped his original address, according to two people who spoke to him, and instead delivered unusually brief remarks with a simple message—the Fed would accept a recession as the price of fighting inflation.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Jets’ Breece Hall aiming to put rough NFL debut behind himJets running back Breece Hall figures it can’t get any worse.
Baca lebih lajut »
Recycling data centers' heat could be an environmental win-winStockholm is working to recycle the heat emitted by data centers to meet 10% of the city's warming needs by 2035.
Baca lebih lajut »
Biggest Fed rate hike in 40 years? 5 things to know in Bitcoin this weekBitcoin tanks as BTC price action prepares for a 'sledgehammer' Fed rate hike.
Baca lebih lajut »
NZD/USD advances towards 0.6000, focus shifts to Fed policyThe NZD/USD pair is marching towards the psychological resistance of 0.6000 after a break above the 0.5940-0.5985 range in the early Tokyo session. Th
Baca lebih lajut »
Gold Price Forecast: XAU/USD stays inside bearish channel below $1,700, Fed in focusGold price (XAU/USD) remains steady at around $1,675 as Asian traders begin the key week comprising the monetary policy meeting of the Fed. The yellow
Baca lebih lajut »
AUD/USD approaches 0.6770 hurdle as RBA’s Kearns sounds optimistic ahead of Fed, PMIsAUD/USD picks up bids to refresh intraday high around 0.6770, consolidating the losses after dropping to the 28-month low the previous day. In doing s
Baca lebih lajut »