• Fed Chairman Jerome Powell on Friday pledged that the central bank will “use our tools forcefully” to attack inflation that is still running near its highest level in more than 40 years.
• In his annual Jackson Hole policy speech, Powell added that higher interest rates likely will persist “for some time. The historical record cautions strongly against prematurely loosening policy.”
• He expects the central bank to continue raising interest rates in a way that will cause “some pain” to the U.S. economy.

Tagged: #Bidenflation