LIVE: Fed Chairman Jerome Powell talks about economy and interest rates at ECB forum — 6/29/22

CNBC Television published this video item, entitled “LIVE: Fed Chairman Jerome Powell talks about economy and interest rates at ECB forum — 6/29/22” – below is their description.

Federal Reserve Chairman Jerome Powell speaks Wednesday to a European Central Bank forum on central banking.

The Fed and its global counterparts have been in a race to bring down inflation running at its highest level in decades not only in the U.S. but also around the world. Fed officials have approved a series of interest rate hikes and are expected to continue tightening policy until inflation gets closer to their 2% goal.

Recession fears are growing along with concerns about inflation. Multiple indicators are showing that the U.S. economy is slowing after growth declined 1.5% in the first quarter. Powell and his counterparts have said they believe they can get inflation under control without sending the economy into recession.

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LIVE: Fed Chairman Jerome Powell talks about economy and interest rates at ECB forum — 6/29/22

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In This Story: Inflation

In economics, inflation refers to a general progressive increase in prices of goods and services in an economy. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduction in the purchasing power of money.

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