{"id":2014817,"date":"2023-08-28T21:00:02","date_gmt":"2023-08-29T01:00:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/inflation-still-too-high-to-consider-cutting-interest-rates-fed-chair-says\/"},"modified":"2023-08-28T21:01:01","modified_gmt":"2023-08-29T01:01:01","slug":"inflation-still-too-high-to-consider-cutting-interest-rates-fed-chair-says","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/inflation-still-too-high-to-consider-cutting-interest-rates-fed-chair-says\/","title":{"rendered":"Fed Chair says inflation remains too high to consider cutting interest rates."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Finflation-still-too-high-to-consider-cutting-interest-rates-fed-chair-says%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2014817&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Federal Reserve Chairman Hints \u2064at More \u200bInterest Rate Hikes<\/h2>\n<p>During a speech \u2062in Jackson \u200cHole, Wyoming, Chairman of \u2063the\u2064 <a href=\"https:\/\/www.dailywire.com\/topic\/federal-reserve\" target=\"_blank\" rel=\"noopener\">Federal Reserve<\/a> \u2062 Jerome Powell suggested that <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/inflation-still-too-high-to-consider-cutting-interest-rates-fed-chair-says\/\" title=\"Fed Chair says inflation remains too high to consider cutting interest rates.\">additional\u200c <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/federal-reserve-chair-no-interest-rate-hikes-until-inflation-spike\/\" title=\"Federal Reserve Chair: No interest rate hikes until inflation spike\">interest rate hikes<\/a><\/a> may be \u2062on the horizon.<\/p>\n<p>Powell, along with other <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/inflation-expectations-under-biden-hit-highest-levels-on-record\/\" title=\"Inflation Expectations Under Biden Hit Highest Levels On Record\">central bank officials<\/a> and experts \u2064in\u200b finance and economics, \u200cgathered for the annual Jackson Hole \u200cEconomic Symposium to discuss the state of the\u200b economy \u200dand the Federal Reserve&#8217;s efforts\u200d to combat inflation. According\u200b to\u2062 Powell, the United States may not have \u200breached \u200bits peak interest rate yet.<\/p>\n<blockquote>\n<p>&#8220;We have tightened policy significantly over the past year. Although inflation has moved down from its peak \u2014 a welcome \u200cdevelopment \u2014 \u200cit\u200c remains\u2062 too high,&#8221; Powell <a href=\"https:\/\/www.federalreserve.gov\/newsevents\/speech\/powell20230825a.htm\" target=\"_blank\" rel=\"noopener\">said<\/a>. &#8220;We are prepared to raise rates \u2062further\u2062 if appropriate, and \u200bintend\u200c to hold policy at a restrictive\u200b level until \u2063we are\u2064 confident that inflation is moving sustainably down toward our objective.&#8221;<\/p>\n<\/blockquote>\n<p>In an effort\u2062 to bring inflation in\u2064 line with the Federal Reserve&#8217;s 2% target rate, \u2064the central\u200c bank has\u2064 raised the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/despite-skyrocketing-inflation-janet-yellen-will-keep-pushing-for-biden-spending-agenda\/\" title=\"Despite Skyrocketing Inflation, Janet Yellen Will Keep Pushing For Biden Spending Agenda\">federal funds rate<\/a> to 5.5%, the highest \u200cit has been in over two decades. \u200dAdditionally, the Fed has\u200b implemented \u2063measures to\u200c reduce the circulation\u200b of \u2063money and slow \u2062down economic activity. \u200bHowever, despite \u2064these efforts, the economy continues to outperform expectations.<\/p>\n<blockquote>\n<p>&#8220;So far this year, GDP growth has exceeded expectations and\u200c its\u2063 long-term trend, and consumer spending has been particularly strong. Furthermore, after \u2064a significant \u2062slowdown, the\u2064 housing sector is showing signs of recovery,&#8221; Powell stated. &#8220;If there is further evidence \u200cof persistently above-trend growth, \u200dit could\u2063 jeopardize\u2063 progress on inflation and necessitate further tightening\u2062 of monetary policy.&#8221;<\/p>\n<\/blockquote>\n<p>Powell&#8217;s concerns about the future of the American economy were echoed by other prominent central \u200dbank officials \u2062and experts at the conference.<\/p>\n<p>Kristin Forbes, a professor at\u200c the \u200bMassachusetts\u200d Institute of Technology, compared the Fed&#8217;s current position to a hiker attempting to reach the summit of a mountain \u2062without any\u200d trail markers.<\/p>\n<blockquote>\n<p>&#8220;You know \u2062where you want \u200bto go. You know where\u200c the\u200c summit is,\u200c but there are\u200d no more markers and you have to feel your way,&#8221; Forbes explained to <a href=\"https:\/\/www.wsj.com\/economy\/central-banking\/why-central-bankers-are-unsure-whether-theyve-raised-rates-enough-aa57c648\" target=\"_blank\" rel=\"noopener\">The Wall \u200cStreet Journal<\/a>. &#8220;And even though you&#8217;ve covered most\u200d of the \u2062distance, that can be the hardest part.\u200d It&#8217;s steeper. It&#8217;s rockier.&#8221;<\/p>\n<\/blockquote>\n<p>Cleveland Fed President\u200b Loretta Mester acknowledged that \u200cthe central bank is\u2063 nearing \u200da favorable point, but suggested that at least one more <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-admin-says-in-person-learning-one-day-a-week-counts-as-reopening\/\" title=\"Biden admin. says in-person learning one day a week counts as \u2018reopening\u2019\">interest rate hike<\/a> may \u2063be necessary before reaching the peak.<\/p>\n<p>&#8220;We are very close to a good point, and then \u200cwe&#8217;ll let the economy\u200d tell us \u2063when interest rates can start to\u200b come back down again,&#8221; Mester told WSJ.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chairman of the Federal Reserve, Jerome Powell, suggested the possibility of further interest rate increases during a speech in Jackson Hole, Wyoming. The annual Jackson Hole Economic Symposium brought together central bank officials, finance experts, and economists to analyze the current state of the economy.<\/p>\n","protected":false},"author":70,"featured_media":2014818,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[],"class_list":["post-2014817","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2014817","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/70"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2014817"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2014817\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2014818"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2014817"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2014817"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2014817"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}