US Federal Reserve poised to raise interest rates for inflation control

The chairman of the US Federal Reserve, Jerome Powell, announced last Friday that they are prepared to increase interest rates further if needed. The central bank aims to maintain high rates until inflation convincingly approaches its 2% target. Powell highlighted that despite the recent decline of inflation from its peak, it remains excessively high.

In his address to the annual symposium of economic and monetary policymakers in Jackson Hole, Wyoming, Powell acknowledged the balance between the decrease in the rate of price increases over the past year and the unexpected overperformance of the US economy. The Federal Reserve will “proceed carefully” in…