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Powell: Fed Can Ignore Oil Shock, But Patience Has Limits

Source: wsj.com

Federal Reserve Chair Jerome Powell said the central bank can ignore recent oil price spikes when deciding on interest rates.
Powell warned that if high inflation persists beyond oil shocks, the Fed will need to raise rates more aggressively.
He stressed the Fed's patience has limits and emphasized waiting for more economic data before acting.

Jerome Powell, head of the U.S. Federal Reserve, spoke at an event and downplayed the impact of surging oil prices on the Fed's inflation fight. He argued the bank can look past this temporary shock but cautioned that ongoing high inflation would force tougher rate hikes. This matters because the Fed's decisions on interest rates affect borrowing costs, home loans, and the broader economy for everyday people and businesses.