Federal Reserve Chairman Jerome Powell made his first public appearance of the year on Tuesday, stressing the importance of central bank independence and his commitment to bringing down inflation.
The painful rate hikes the Fed is implementing to tackle high prices don’t make officials particularly popular, Powell said during a panel discussion at an event hosted by Sweden’s central bank, the Sveriges Riksbank.
But, they are a necessary measure, he noted: “Price stability is the bedrock of a healthy economy and provides the public with immeasurable benefits over time. But restoring price stability when inflation is high can require measures that are not popular in the short term as we raise interest rates to slow the economy.”
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