Jerome Powell, chairman of the Federal Reserve, said there will be more interest rate hikes, slow growth and "pain" for households and businesses. In this way, Powell remarks that he believes that a strict policy is necessary to lower inflation and predicted that the labor market is going to deteriorate. The Fed has been on an aggressive campaign to raise interest rates, and Powell made it clear that the fight against inflation is not over. "Restoring price stability will take some time and requires using our tools aggressively to achieve a better balance between supply and demand," he told the meeting, held against the backdrop of the majestic Grand Teton Mountains. A new estimate of US GDP growth for the second quarter showed that the economy shrank at an annualized rate of 0.6%, which was better than the previous estimate of a 0.9% decline and even better than the expected reading of -0.8%
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