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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 tamp 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.
Powell tells Congress the Fed is 'strongly committed' on inflation, notes recession is a 'possibility'
New York Fed President John Williams says a U.S. recession is not his base case
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