Federal Reserve Chairman Jerome Powell said he believes high inflation will be with us until 2025, even with record high-interest rates, in a Wednesday press conference.
Powell does not see the inflation rate returning to the normal level of 2% until 2025, far sooner than when he believes the Fed will start lowering rates again, he said in a press conference concluding the July Federal Open Market Committee meeting. The remarks follow the Wednesday announcement prior to the press conference by the Fed that it would raise its benchmark federal funds rate by 25 basis points to a range of 5.25% and 5.50%, reaching the highest level since 2001, according to the Fed press release. (RELATED: Biden Regulator Poised To Shove Left-Wing Priorities Into The Workplace)
