The fight against inflation “will suffer” to households, warns the president of the Fed

Fighting inflation in the United States “will make American households and businesses suffer, but giving it up would be even more damaging to the economy,” Fed chief Jerôme Powell warned on Friday.

In a resolute and rarely frank statement delivered at the central bankers’ conference in Jackson Hole, Wyoming, he warned that the Fed would “vigorously use its tools” to raise rates.

Returning to price stability “will take time” and will lead to “a long period of weaker growth” as well as “a slowdown in the labor market,” he insisted.