US Federal Reserve Chairman Jerome Powell said Thursday that the board is committed to controlling inflation, but that there is still hope that will be done without the high social costs implied by previous inflation battles.
Referring to Paul Volcker’s fight once morest inflation in the early 1980s, Powell said that Volcker had followed several failed attempts, as his policy caused a recession and the unemployment rate exceeded 10%.
The Federal Reserve has raised interest rates 4 times since the beginning of this year, amid expectations of an increase of 75 basis points at the meeting of September 21.
