US Federal Reserve Chair Jerome Powell delivered a stark warning about the Fed’s determination to fight inflation with more sharp interest rate hikes: It will likely cause pain for Americans in the form of a weaker economy and job losses.The message landed with a thud on Wall Street, sending the Dow Jones Industrial Average down more than 1000 points for the day.“These are the unfortunate costs of reducing inflation,” Powell said in a high-profile speech at the Fed's annual economic symposium in Jackson Hole.
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