Tricky move: People pass a 30% off sign on display in a store in Miami Beach, Florida. The Fed is on course to begin raising interest rates from near zero and reducing its mammoth US$8.8 trillion (RM36.81 trillion) balance sheet. — AFP
NEW YORK: Federal Reserve (Fed) chair Jerome Powell sought to reassure lawmakers and investors that the central bank can pull off the tricky task of bringing down four-decade high inflation without damaging the US economy.
In a 2½ hour congressional confirmation hearing that was notably free of rancor, Powell said the Fed was on course to begin raising interest rates from near zero and reducing its mammoth US$8.8 trillion (RM36.81 trillion) balance sheet.
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