Higher Interests Rates Are On The Horizon

Federal Reserve Chairman Jerome Powell addressed the economic challenges of reducing inflation, highlighting the impact of higher interest rates and slower growth on households and businesses. Despite a slight decrease in inflation, the Fed remains focused on achieving its 2% target. Future rate hikes will depend on upcoming economic data, including the monthly jobs report.

What is the Federal Reserve's target inflation rate, and how does the current rate compare?

What factors will influence any future rate hikes according to Powell?