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Federal Reserve Chairman John Powell said Friday that steadily raising interest rates is the best way to protect the U.S. economic recovery, keep employment growth as strong as possible and keep inflation under control. In his speech, he spoke highly of the Fed's current policy initiatives.
A few days ago, U.S. President Trump criticized the Fed for raising interest rates. Powell used the occasion of this annual economic seminar to "explain why my colleagues and I today believe the Fed's gradual rate hike process is still appropriate."
"The economy is strong, inflation is close to the Fed's 2% target, and most job seekers can find jobs. If strong wage and employment growth continues, it may be appropriate to gradually raise the target range of federal funds rates, "Powell said.
Powell's remarks did not respond directly to Trump's criticism. Trump said he was "not excited" about the Fed's interest rate hike as he tried to stimulate economic growth. The annual Jackson Hole meeting hosted by the Kansas Federal Reserve is one of the most interesting annual meetings of the Federal Reserve. Representatives from other central banks will also attend, attracting international media attention.


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