Chairman of the Federal Reserve Jerome Powell said he was more concerned about the risk of failing to quell higher inflation than about raising interest rates too high and pushing the economy into recession.
“Is there a risk that we will go too far? There is definitely a risk,” Mr. Powell said Wednesday. “The bigger mistake to make — let’s put it that way — would be failing to restore price stability.”
https://www.wsj.com/articles/powell-says-pandemic-could-alter-inflation-dynamics-11656509259?mod=pls_whats_news_us_business_f Powell says Fed must accept higher recession risks to fight inflation