Fed Chair Powell: ‘Inflation Is Much Too High’ and the FOMC Has Decided to Raise Interest Rates by 0.75%

EXCERPT:

POWELL: "We are strongly committed to bringing inflation down and we're moving expeditiously to do so. We have both the tools we need and the resolve that it will take to restore price stability on behalf of American families and businesses. The economy and the country have been through a lot over the past two and a half years and have proved resilient. It is essential that we bring inflation down if we are to have a sustained period of strong labor market conditions that benefit all. From the standpoint of our congressional mandate to promote maximum employment and price stability, the current picture is plain to see. The labor market is extremely tight, and inflation is much too high. Against this backdrop, today the Federal Open Market Committee raised its policy interest rate by three quarters of a percentage point and anticipates that ongoing increases in that rate will be appropriate.”