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The Guardian - US
The Guardian - US
Business
Dominic Rushe

Federal Reserve warns of ‘pain’ ahead as inflation surges

US Federal Reserve Inflation Jerome Powell United States Ellen Zentner Interest Rates Economy
Fed chair Jerome Powell.
The Fed chair, Jerome Powell, will indicate how much pain he expects on Wednesday. Photograph: Elizabeth Frantz/Reuters

Federal Reserve chair Jerome Powell warned last month that there would be “pain” ahead as the US central bank struggles to contain a surge in inflation unseen in 40 years. Powell will offer some indication of how much pain he expects on Wednesday.

The Fed is expected to announce another sharp rise in interest rates on Wednesday afternoon after the conclusion of its latest meeting. It will also update its economic forecasts for the US economy.

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