Fed ready to take more action to control inflation

In a speech for the National Association for Business Economics on Monday, he said, “the labor market is very strong, and inflation is much too high.”

He signaled the Federal Reserve could make large interest rate increases and push rates to high levels. “There is an obvious need to move expeditiously to return the stance of monetary policy to a more neutral level, and then to move to more restrictive levels if that is what is required to restore price stability,” Powell said.

Based on Monday’s comments, it is possible the Fed could raise rates by half a percentage point in May.

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Powell says Fed could raise interest rates faster to combat red-hot inflationFederal Reserve Chairman Jerome Powell said Monday the central bank is prepared to more aggressively raise interest rates if policymakers conclude that doing so is warranted to curb inflation.
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