The Federal Reserve, fresh from its biggest interest rate hike in more than a quarter of a century, signaled on Friday that the rising risk of recession will not stop its battle to bring down searing inflation that¡¯s punishing American households.
¡°The Committee¡¯s commitment to restoring price stability ¡ª which is necessary for sustaining a strong labor market ¡ª is unconditional,¡± the Fed said in its twice-yearly monetary policy report to Congress, referring to the U.S. central bank¡¯s rate-setting Federal Open Market Committee.
¡°We¡¯re attacking inflation and we¡¯re going to do all that we can to get it back down to a more normal level, which for us has got to be 2%,¡± Atlanta Fed President Raphael Bostic told American Public Media¡¯s Marketplace radio program. ¡°We¡¯ll do whatever it takes to make that happen.¡±
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