Federal Reserve will do whatever it takes to cut inflation

The Congressional mandate of the Federal Reserve is to create the conditions for maximum employment, for example to have the maximum number of people who want a job to have one, and price stability. 

“Labor market is extremely tight and inflation is far too high,” said Powell. 

An increase of .75 percent has been announced and more increases, at a smaller scale are expected in the weeks and months ahead. What such high interest rates could mean is forced lower spending, potentially putting many jobs at risk. But the Fed will power on in the face of this,

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