Powell confirms that the Fed will continue to push interest rates higher until inflation drops clearly

“What we need to see is inflation coming down in a clear and convincing way and we will keep pushing until we see that, if we don’t see that we will have to consider moving more aggressively to tighten financial conditions,” Federal Reserve Chairman Jerome Powell said at an event in the Wall Street Journal.

Powell explained that with the interest rate hikes in upcoming policy meetings, the US central bank will hold meeting after meeting with reading the data on how the economy is behaving and inflation as the inflation rate is more than three times the Fed's target of 2%. "If that involves going beyond widely understood levels of neutrality, then we won't hesitate to do that," Powell emphasized.