Federal Reserve Chief Powell Talks About Possible Changes in Interest Rates Due to Inflation

Federal Reserve Chairman Jerome Powell addresses the potential for changes in interest rates due to inflation concerns, emphasizing careful assessment and economic stability.

Aug 25, 2023 - 12:34
Aug 25, 2023 - 12:38

Imagine you're attending a big gathering where the boss of the country's money, Jerome Powell, is speaking. He's the head of the Federal Reserve, a group that makes important decisions about money and the economy.

So, Powell stood up at a special event called the Jackson Hole Economic Symposium and said something important. He talked about how the prices of things we buy have been going up a bit too much lately. That's called inflation, and it's not always good.

Powell said that even though the inflation has slowed down a little, it's still kind of high. He mentioned that if things don't get better, the Federal Reserve might change the interest rates. These rates can affect how much it costs to borrow money or save it.

He also said that the Federal Reserve is being careful and will keep an eye on the situation. They want to make sure the economy gets better before they do anything drastic. Powell explained that they're going to be looking at all the information that comes in and making smart choices.

In a way, he told everyone that there's a lot of work to be done to make sure things get back to normal. He's like a captain guiding a ship, making sure it stays on course through tricky waters. And just like at the end of a movie, everyone's waiting to see how things turn out.

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