US Federal Reserve chair Jerome Powell sent a clear signal to markets in his Jackson Hole speech on August 26. The Fed will apply high rates to tackle inflation despite “some pain to households and businesses” in the form of slower growth.
He pointedly finished his speech by saying: “We will keep at it until we are confident the job is done.”
This was an echo of the tough stance taken by Powell’s predecessor Paul Volcker, who is credited with curbing the inflationary spiral of the late 1970s and early 1980s and titled his autobiography ‘Keeping At It’.
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