Federal Reserve Chair Jerome Powell stated that he is considering implementing additional interest rate hikes in order to combat inflation. He expressed uncertainty about reaching the 2% inflation goal and emphasized that if tightening policy further is necessary, it will be done without hesitation. There is a possibility of a rate hike during the upcoming policy meeting in December, although investors are predicting another pause in rate hikes next month. Powell's speech was interrupted by climate protesters, raising concerns about security. He highlighted the Fed's careful balancing act between preventing inflation and avoiding economic harm. Powell acknowledged that the unwinding of pandemic-related supply and demand disruptions is contributing to the decline in inflation, but demand will likely need to slow down for inflation to cool to the desired level. The strong performance of the US economy, particularly consumer spending, poses a challenge for the Fed as it may be contributing to upward pressure on prices. Powell suggested that reducing inflation may require tighter monetary policy to restrain aggregate demand.
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