The Federal Reserve is committed to bringing inflation down to its 2% goal, which means interest rates will continue to rise, Federal Reserve Chairman Jerome Powell said in a speech at a conference on Friday. But by how much more will depend on incoming data, he said.
Since the Fed’s policy-making arm last met in July, the Fed has seen some encouraging signs inflation is easing. July’s consumer price index rose an annual 8.5%, off the blistering pace of 9.1% in June. And this morning, the Fed’s preferred inflation gauge – the personal consumption expenditures price index – showed a year-over-year rise of 6.3% in July, down from 6.8% in June.
Medora Lee & Elisabeth Buchwald | USA TODAY