Washington-Sana
Federal Reserve Chairman Jerome Powell said today that the US economy needs a strict monetary policy to counter inflation.
Reuters quoted Powell as saying in prepared statements for his speech during a seminar of central banks in the US state of Wyoming: “There is no quick cure for high prices,” considering that the matter causes “some pain” to families and companies in the country.
"Failure to restore price stability would mean great difficulties," Powell added.
Inflation in the United States hit its highest level in 40 years after fuel and commodity prices rose in the largest increase since December 1981.
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