No 'painless' way to defeat high inflation: Fed's Powell
Caption: The Federal Reserve raised the key US interest rate again and said more hikes are coming as it battles soaring prices. It was the third consecutive increase of 0.75 percentage point by the Fed's policy-setting Federal Open Market Committee, continuing the aggressive action to tamp down inflation that has soared to the highest in 40 years.
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Federal Reserve Chair Jerome Powell cautioned Wednesday that conquering high US inflation will require a slowdown of the economy which will raise unemployment.
"We have got to get inflation behind us. I wish there were a painless way to do that. There isn't," Powell told reporters following the central bank decision to again raise the benchmark lending rate by 0.75 percentage point.