Powell Signals There's More Pain to Come

"We have got to get inflation behind us. I wish there were a painless way to do that. There isn't."

By Matthew Boesler & By Craig Torres | September 21, 2022 at 02:14 PM

Photo: Jerome Powell, chairman of the U.S. Federal Reserve, speaks during a news conference following an FOMC meeting in Washington, D.C., on July 27, 2022. Photographer: Ting Shen/Bloomberg

Federal Reserve Chair Jerome Powell vowed officials will crush inflation after they raise interest rates by 75 basis points (bps) for a third straight time. He signaled even more aggressive hikes ahead than investors had expected.

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