The Dow plunged more than 1,000 points after the Federal Reserve chairman promised 'forceful and rapid' action on inflation
From CNN Business' Martha White
The Grand Tetons rise above the clouds in Grand Teton National Park where financial leaders from around the world are gathering for the Jackson Hole Economic Symposium, outside Jackson, Wyoming, on August 25. At the Federal Reserve's annual Jackson Hole Economic Symposium, chairman Jerome Powell telegraphed a greater sense of urgency about taming inflation than he has in previous remarks, calling price stability"the bedrock of our economy."
In his keynote speech Friday morning, Powell said that the central bank's"overarching focus" was on controlling rampant inflation.While Powell did not offer any indication whether the Fed's extraordinary back-to-back rate hikes of 75 basis points each would be repeated at its rate-setting meeting next month, he sent the clearest message yet that the central bank was unequivocally committed to more restrictive policy in order to rein in inflation.
Powell added that the path to reducing inflation would not be quick or easy, saying that the task,"requires using our tools forcefully to bring demand and supply into better balance."
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