• Fed Chair spoke at the International Roles of the US Dollar conference
US Federal Reserve Chair Jerome Powell reiterated the central bank’s commitment to bringing down inflation, pointing its necessity for the global financial system, on Friday.
Powell spoke at the “International Roles of the US Dollar,” a research conference sponsored by the Federal Reserve Board, Washington.
“The Federal Reserve’s strong commitment to our price stability mandate contributes to the widespread confidence in the dollar as a store of value. To that end, my colleagues and I are acutely focused on returning inflation to our 2 percent objective,” he said.
The consumer price index (CPI) in May rose to 8.6% annually. Fed officials target 2% inflation as healthy for a growing economy and have said they will continue raising rates until prices return to that range.
The US Federal Reserve raised the short-term benchmark interest rate by three-quarters of a percentage point or 75 basis points on Wednesday, throwing the rate between a range of 1.5% and 1.75%.
Source - Federal Reserve
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