Federal Reserve Chair Jerome Powell acknowledged that high inflation has emerged as a serious threat to the goal of helping put more Americans back to work and that the Fed will raise rates more than it now plans if needed to stem surging prices.
January 11, 2022 GMT
WASHINGTON — Chair Jerome Powell acknowledged Tuesday that high inflation has emerged as a serious threat to the Federal Reserve’s goal of helping put more Americans back to work and that the Fed will raise rates more than it now plans if needed to stem surging prices. On Tuesday, Powell took pains to rebuff suggestions from some Democratic senators that rate increases would slow hiring and potentially leave many people, particularly lower-income and Black Americans, without jobs. Fed rate increases typically lead to higher rates on many consumer and business loans and have the effect of slowing economic growth. But Powell made clear that he is now more worried about the damage that rising inflation could inflict on the job market.
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