Federal Reserve Chairman Jerome Powell said on Tuesday that policymakers have more work to do in combating abnormally high inflation, pointing to the astonishingly strong January jobs report as evidence the economy is still running too hot.
“This process is likely to take quite a bit of time. It’s not going to be, we don’t think, smooth. It’s probably going to be bumpy,” Powell said during a question-and-answer event at the Economic Club in Washington, D.C.
His comments come less than one week after the Fed voted to raise its benchmark interest rate another quarter percentage point to a range of 4.5% to 4.75%.
This is a developing story. Please check back for updates.
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