At the conclusion of a banker's conclave at Jackson Hole, Wyoming, on Friday, Federal Reserve Chairman Jerome Powell said the fight against inflation is not yet over.
, its 11th rate increase since March 2022.
The rate hikes aim to raise the cost of debt for businesses and consumers, which should, theoretically, reduce the amount of spending and overall economic activity, a shift in dynamics that typically brings inflation rates down. Powell revisited the forces that propelled the current inflation cycle, noting high inflation emerged from a "collision between very strong demand and pandemic-restrained supply" and the formula for stemming rising prices would require an unwinding of "unprecedented pandemic-related supply and demand distortions" and a tightening of monetary policy aiming to "slow the aggregate demand." And while both those dynamics have been playing out, and U.S.
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