Federal Reserve Chair Jerome Powell said that he expects a "significant decline in inflation" in 2023, but is warning that it might not be a smooth path to lower prices, Insider reported Feb. 7.
The news comes after a better-than-expected January jobs report. However, speaking at the Economic Club of Washington, D.C., Mr. Powell made it clear that he does not expect to pause any interest rate hikes.
"This process is likely to take quite a bit of time," Mr. Powell said. "It's not going to be, we don't think, smooth. It's probably going to be bumpy. … It may well be the case that we have to do more rate hikes, more than is priced in."