(MENAFN) Federal Reserve Governor Philip Jefferson stated on Tuesday the U.S. central bank stays determined to fight record inflation, but cautioned the battle to cut consumer costs might need some time.
"We have acted boldly to address rising inflation, and we are committed to taking the further steps necessary," Jefferson stated in Atlanta in his first address since joining the U.S. central bank as a director in May. "My colleagues and I are resolute that we will bring inflation back down to 2 percent."
The U.S. central bank has embarked on one of the fastest courses in history to increase borrowing prices and slow the economy.
Officials in September approved a 75 basis point rate increase for three months in a row, rising the federal funds rate to a range of 3.0 percent to 3.25 percent — near restrictive levels — and showed that more super-sized rises are on the way.
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