Federal Reserve Chair Jerome Powell said the labor market’s surprising strength means it could take “a significant period of time” to lower inflation
Central bank officials have been looking for a growth slowdown to gain confidence inflation will keep falling
Federal Reserve Chairman Jerome Powell discussed the central bank’s latest interest-rate increase on Wednesday. Mr. Powell said more increases will likely be needed as the Fed continues its push to restrain inflation. Photo: Kevin Dietsch/Getty ImagesFederal Reserve Chair Jerome Powell said the labor market’s surprising strength underscores why the central bank thinks it could take time to bring inflation down.
“It kind of shows you why we think this will be a process that takes a significant period of time,” Mr. Powell said during a moderated discussion before the Economic Club of Washington on Tuesday.
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