Fed chairman defends steady interest rate hikes

Federal Reserve Chairman Jerome Powell says he sees no sign that the US economy is overheating.And al...

Posted: Aug 24, 2018 5:59 PM
Updated: Aug 24, 2018 5:59 PM

Federal Reserve Chairman Jerome Powell says he sees no sign that the US economy is overheating.

And although prices are rising, Powell said there is no indication inflation will speed out of control.

"We have seen no clear signs of an acceleration above 2%, and there does not seem to be an elevated risk of overheating," Powell said in prepared remarks for a speech in Jackson Hole, Wyoming. "This is good news."

The Fed has been trying to strike a balance: It wants to raise interest rates steadily to keep the economy from overheating, but raising rates too quickly could help start a recession.

For now, the chairman has maintained that gradual interest-rate increases are the best way to balance those risks.

The US economy hasn't been this healthy since the financial crisis. Unemployment is historically low and expected to decline further. Wage growth is starting to pick up. And inflation is finally at the level the Fed considers healthy for the economy.

"The economy is strong," Powell said. "And most people who want a job are finding one."

The speech was the first time the Fed chairman has spoken publicly since President Donald Trump renewed his criticism of the central bank for raising rates.

The Fed chairman did not address those attacks, but instead argued in favor of staying the course.

"If the strong growth in income and jobs continues, further gradual increases... will likely be appropriate," Powell said.

Since Trump took office, the Fed has raised rates five times, including twice this year under Powell. Two more rate hikes are expected in 2018, and the Fed has penciled in three more in 2019.

Powell reassured investors that the Fed would be prepared to do "whatever it takes" should inflation start to pick up.

Indiana Coronavirus Cases

Data is updated nightly.

Cases: 660071

Reported Deaths: 12531
CountyCasesDeaths
Marion904161633
Lake48298874
Allen35720633
Hamilton31970396
St. Joseph29796510
Elkhart25331412
Vanderburgh21192377
Tippecanoe19927199
Johnson16312356
Porter15917269
Hendricks15785300
Clark11913180
Madison11717315
Vigo11562229
Monroe10300159
Delaware9824179
LaPorte9739196
Howard9038195
Kosciusko8539108
Bartholomew7424147
Hancock7399130
Warrick7399150
Floyd7180167
Wayne6622191
Grant6413157
Boone606888
Morgan6066124
Dubois5890111
Dearborn544466
Cass542899
Marshall5414104
Henry541392
Noble508476
Jackson464165
Shelby459890
Lawrence4174111
Gibson400981
Harrison397863
Clinton394453
Montgomery385083
DeKalb384378
Knox356285
Miami356163
Whitley348435
Huntington341876
Steuben337455
Wabash330576
Putnam328259
Ripley326461
Adams322149
Jasper314843
White297152
Jefferson293773
Daviess285096
Fayette271156
Decatur270188
Greene260780
Posey260431
Wells257174
Scott250050
LaGrange240770
Clay240344
Randolph225376
Spencer216930
Jennings214344
Washington209927
Sullivan202939
Fountain201042
Starke187250
Owen181953
Fulton177937
Jay177528
Carroll176218
Perry173335
Orange170950
Rush164322
Vermillion160141
Franklin159135
Tipton145941
Parke138615
Pike127432
Blackford120527
Pulaski106544
Newton96531
Brown94839
Benton91713
Crawford90313
Martin80114
Warren75312
Switzerland7527
Union66910
Ohio52911
Unassigned0433

Ohio Coronavirus Cases

Data is updated nightly.

Cases: 964380

Reported Deaths: 17183
CountyCasesDeaths
Franklin1114961198
Cuyahoga950781723
Hamilton72988958
Montgomery47128883
Summit39949954
Butler35292468
Lucas35069761
Stark29218837
Warren22294272
Lorain21904389
Mahoning19348540
Lake18307304
Clermont18271210
Delaware16347135
Licking14893199
Fairfield14449157
Trumbull14239460
Greene13520212
Medina13290219
Clark12194335
Wood11460193
Portage10928155
Allen10742233
Richland10226205
Miami9984187
Muskingum8125129
Columbiana8086182
Tuscarawas8003235
Pickaway800199
Marion7963137
Wayne7837218
Erie6826184
Ross6104136
Geauga6030129
Hancock5965112
Ashtabula5917144
Scioto5906104
Lawrence521874
Union508852
Darke5021123
Belmont488388
Huron4761117
Jefferson4756107
Sandusky474494
Seneca4640103
Athens460931
Washington458787
Mercer4577101
Auglaize454698
Shelby440368
Knox400486
Putnam3976101
Madison390947
Fulton377364
Ashland377195
Defiance3699102
Brown368342
Crawford356096
Logan352459
Preble351771
Clinton338564
Highland326255
Ottawa320867
Williams301077
Jackson288556
Guernsey285034
Champaign284445
Fayette267644
Perry266743
Morrow258624
Henry244865
Hardin243256
Holmes2428104
Coshocton232847
Van Wert228549
Gallia220746
Adams215132
Pike213627
Wyandot208752
Hocking193248
Carroll179828
Paulding159223
Meigs134636
Noble128442
Monroe115636
Morgan100434
Harrison100132
Vinton76615
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