'Quite a bit of progress' made by Fed, says Powell

By Agence France-Presse

Jul 04, 2024 12:28 am

WASHINGTON, D.C. — The US Federal Reserve (Fed) has made 'quite a bit of progress' in its fight against rising prices and could hit its inflation target as soon as next year, Fed Chairman Jerome Powell said Tuesday.

The US central bank has hiked interest rates to a 23-year high as it looks to restrict monetary policy enough to bring inflation back down to its long-term 2-percent target without doing too much damage to either the labor market or the broader economy.

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