Bringing down inflation will require some economic pain, Federal Reserve chair Jerome Powell said on Friday in a tough-talking speech that signals the Fed is nowhere near relenting on interest rate increases.
Why it matters: In a much-awaited address, Powell was blunt about the likelihood that bringing down inflation will come at the expense of the solid labor market that's been beneficial to workers and softer business conditions. But he indicated the Fed does not intend to reverse course and cut rates just because of such softening.
