United States Federal Reserve Chair Jerome Powell estimated on Tuesday during his guest appearance at the Economic Club in Washington DC that it will take into 2024 for inflation in the United States to get near the central bank’s target of 2%.
Powell expressed his belief 2023 will be a year of «significant decline» in inflation. Still, he stressed the Fed will need to take appropriate measures and keep raising the key interest rates in order for that to happen.
Earlier during his appearance, Powell noted that the process of disinflation has already begun but is still not evident in all the sectors of the economy, such as non-housing.