Powell warns of 'some pain' ahead as the Fed fights to bring down inflation
VIDEO 5:55 05:55 Fed's Powell warns of 'some pain' ahead as central bank fights inflation Squawk on the Street Federal Reserve Chairman Jerome Powell delivered a stern commitment Friday to halting inflation, warning that he expects the central bank to continue raising interest rates in a way that will cause "some pain" to the U.S. economy. In his much-anticipated annual policy speech at Jackson Hole, Wyoming, Powell affirmed that the Fed will "use our tools forcefully" to attack inflation that is still running near its highest level in more than 40 years. Even with a series of four consecutive interest rate increases totaling 2.25 percentage points, Powell said this is "no place to stop or pause" even though benchmark rates are probably around an area considered neither stimulative nor restrictive on growth. "While higher interest rates, slower growth, and softer labor market conditions will bring down inflation, they will also bring som...