Americans are on track to see 'a significant decline in inflation' this year, Fed's Powell says

Tue, 02/07/2023 - 13:56

Federal Reserve Chair Jerome Powell — Federal Reserve Board Chairman Jerome Powell speaks during a news conference after a Federal Open Market Committee meeting on February 01, 2023 in Washington, DC.
Kevin Dietsch/Getty Images

Fed Chair Jerome Powell said on Tuesday that he expects "a significant decline in inflation" this year.
But he cautioned the road to lower prices will be "bumpy," signaling further interest rate hikes.
This comes after the January jobs report far surpassed expectations, adding 517,000 jobs.

This could be the year Americans finally see prices going down — but it's not going to be painless, the head of the nation's central bank said.

On Tuesday, Federal Reserve Chair Jerome Powell joined The Economic Club of Washington, DC to discuss topics including the bank's latest actions raising interest rates, labor market conditions, and Powell's favorite book genre (it's spy fiction).