Fed's Powell: No quick fix to beat inflation

Tight policies to continue to tackle fast-rising prices

Jerome Powell gave no indication of how high interest rates might rise before the Fed is finished, only that they will move as high as needed.

The US economy will need tight monetary policy "for some time" before inflation is under control, a fact that means slower growth, a weaker job market and "some pain" for households and businesses, Federal Reserve chair Jerome Powell said yesterday in remarks warning there is no quick cure for fast-rising prices.

"Reducing inflation is likely to require a sustained period of below-trend growth. Moreover, there will very likely be some softening of labour market conditions.