Fed pledges unconditional inflation war

“The committee’s commitment to restoring price stability – which is necessary for sustaining a strong labour market – is unconditional,” the Fed said in its twice-yearly monetary policy report to Congress, referring to the US central bank’s rate-setting Federal Open Market Committee.

NEW YORK: The Federal Reserve (Fed), fresh from its biggest interest rate hike in more than a quarter of a century, has signalled that the rising risk of recession would not stop its battle to bring down searing inflation that’s punishing American households.

“The committee’s commitment to restoring price stability – which is necessary for sustaining a strong labour market – is unconditional,” the Fed said in its twice-yearly monetary policy report to Congress, referring to the US central bank’s rate-setting Federal Open Market Committee.