U.S. Federal Reserve Chair Jerome Powell said officials won’t flinch in the battle to curb inflation, hardening expectations that they’ll deliver a third straight jumbo rate hike later this month.
"We need to act now, forthrightly, strongly as we have been doing,” Powell said Thursday in remarks at the Cato Institute’s monetary policy conference in Washington. "My colleagues and I are strongly committed to this project and will keep at it.” He spoke with a moderator in a virtual question-and-answer session.
U.S. central bankers are raising interest rates rapidly to curb the hottest inflation in four decades. They next meet on Sept. 20 to 21 and Powell has kept the option open for another 75 basis-point move — following increases of that size in June and July — or a half-point increase. He’s said the decision depends on the "totality” of the incoming data.