US Fed chief Powell talks tough, warns of 'unusually high' rate hikes

Inflation is now their chief concern, and Powell's remarks at the symposium, hosted by the Kansas City Fed, set a tone likely to register on global markets

Federal Reserve Chair Jerome Powell signaled the US central bank is likely to keep raising interest rates and leave them elevated for a while to stamp out inflation, and he pushed back against any idea that the Fed would soon reverse course.

“Restoring price stability will likely require maintaining a restrictive policy stance for some time,” Powell said Friday in remarks prepared for the Kansas City Fed’s annual policy forum in Jackson Hole, Wyoming. “The historical record cautions strongly against prematurely loosening policy.”

"Reducing inflation is likely to require a sustained period of below-trend growth. Moreover, there will very likely be some