Fed to Raise Interest Rates Without ‘Hesitation’ Until Inflation Eases, Says Powell

Federal Reserve Board Chair Jerome Powell speaks during a news conference at the Federal Reserve in Washington on May 4, 2022. Alex Brandon/AP Photo

Federal Reserve Chairman Jerome Powell said that the central bank is committed to combating elevated inflation by raising interest rates until it comes down, according to an interview he gave to The Wall Street Journal’s Future of Everything Festival.

“We will go until we feel like we are at a place where we can say, ‘Yes, financial conditions are at an appropriate place. We see inflation coming down,’” Powell said in the May 17 interview. “We will go to that point, and there will not be any hesitation about that.”