US bank chief says: 'We have got to get inflation behind us. I wish there was painless way to do that. There isn't'
US bank chief says: ‘We have got to get inflation behind us. I wish there was painless way to do that. There isn’t’The US Federal Reserve raised interest rates by 0.75 percentage points, their highest level since 2008.
US Fed Chair Jerome Powell said before his officials would consider halting the rate hikes, they would “want to be very confident that inflation is moving back down” to the 2 per cent target. The strength of the US job market is fueling pay gains that are helping drive up inflation he said. The pound hit a fresh 37-year low against the dollar last week amid fears for the health of the UK economy.
The additional government support could result in higher medium-term inflation, economists warned, while the UK economy can only manage sluggish growth and tight labour markets.
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