Fed says more interest rate rises needed to cool inflation

Jerome Powell says disinflationary process has a long way to go' as Biden is set to tout economic record at State of Union address

The Federal Reserve chair, Jerome Powell, has said that more interest rates rise will be needed to cool inflation and the red-hot US jobs market.

We think we are going to need to do further rate increases," Powell said on Tuesday at the Economic Club of Washington. The labor market is extraordinarily strong."