Fed strongly committed to fighting inflation: Powell
Updated: 2022-06-23 05:52:06 KST
U.S. Federal Reserve Chairman Jerome Powell said the central bank is "strongly committed" to bringing down inflation.
Addressing the Senate Banking Committee on Wednesday, Powell added that the Fed has the ability to make that happen.
He reiterated that ongoing rate hikes would be appropriate, adding that the exact pace would depend on the country's economic outlook.
Nevertheless, he noted economic conditions are generally favorable, with a strong labor market and persistently high demand.