The Federal Reserve, fresh from its biggest interest rate hike in more than a quarter of a century, signaled on Friday that the rising risk of recession will not stop its battle to bring down searing inflation that's punishing American households.
"The Committee's commitment to restoring price stability — which is necessary for sustaining a strong labor market — is unconditional," the Fed said in its twice-yearly monetary policy report to Congress, referring to the U.S. central bank's rate-setting Federal Open Market Committee.
"We're attacking inflation and we're going to do all that we can to get it back down to a more normal level, which for us has got to be 2%," Atlanta Fed President Raphael Bostic told American Public Media's Marketplace radio program. "We'll do whatever it takes to make that happen."