Chair Jerome Powell said that interest rates would keep rising 'sharply' for quite some time as the Fed worked to rein in stubbornly high . 'Our responsibility to deliver price stability is unconditional,' Powell said, adding that restoring price stability would take 'some time.' Inflation has been running hot and remained near a 40-year high at 8.5 percent in July, despite a rapid series of jumbo interest hikes that have taken the Fed's policy rate from near zero to 2.5 percent.
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