Fed chair Jay Powell has long contended that the US central bank could tame rampant inflation without tipping the world’s largest economy into a recession, saying as recently as July that he and his colleagues are “not trying to have a recession, and we don’t think we have to”.
On Wednesday, however, that optimism evaporated as Powell delivered one of his gloomiest pronouncements to date about the economic outlook amid what has become the most aggressive campaign to tighten monetary policy since 1981.
“We have got to get inflation behind us. I wish there were a painless way to do that,” he said at the press conference following the Fed’s decision to further extend its recent string of supersized rate rises. “There isn’t.”
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