Powell: ‘No guarantee’ Fed can tame inflation, spare jobs

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell said there’s “no guarantee″ the central bank can tame runaway inflation without hurting the job market.

Speaking Wednesday at a European Central Bank forum, Powell repeated his hope that the Fed can achieve a so-called soft landing — raising interest rates just enough to slow the economy and rein in surging consumer prices without sending the U.S. economy into a recession.

He says “we believe we can do that.”

But he says Russia’s invasion of Ukraine made the job more difficult by disrupting commerce and driving up the price of food, energy and chemicals.

ECB President Christine Lagarde echoed the “major impact” of energy shocks.

Categories: National News