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Wednesday, June 29th, 2022 5:52 am EDT
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Federal Reserve Chairman Jerome Powell speaks Wednesday to a European Central Bank forum on central banking.
The Fed and its global counterparts have been in a race to tamp down inflation running at its highest level in decades not only in the U.S. but also around the world. Fed officials have approved a series of interest rate hikes and are expected to continue tightening policy until inflation gets closer to their 2% goal.
Recession fears are growing along with concerns about inflation. Multiple indicators are showing that the U.S. economy is slowing after growth declined 1.5% in the first quarter. Powell and his counterparts have said they believe they can get inflation under control without sending the economy into recession.
Read more:
Powell tells Congress the Fed is ‘strongly committed’ on inflation, notes recession is a ‘possibility’
New York Fed President John Williams says a U.S. recession is not his base case
Here are the three things the Fed has done wrong, and what it still isn’t getting right
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