<Anchor>
US Federal Reserve Chairman Powell has made it clear once again that he intends to keep raising interest rates until inflation is caught.
President Biden has asked Congress to pass a bill that would waive the fuel tax for 90 days to keep gas prices under control.
Correspondent Kim Jong-won from New York.
[ Reporter
] Jerome Powell, chairman of the Federal Reserve, the central bank of the United States, stressed that it is working hard to control inflation.
Chairman Powell said that inflation, the highest level in 40 years, must be lowered to the Fed's target of 2%.
He then declared that within a few months he would be priced.
[Jerome Powell/Federal Reserve Chairman: In the next few months, we will see evidence that inflation is sinking to around 2%.
Until then, I think it's appropriate to keep raising rates.]
Chairman Powell said he wouldn't let that happen, even though there was a chance of a recession.
Meanwhile, President Biden has asked Congress to pass a bill that would waive the fuel tax for 90 days to help combat skyrocketing oil prices.
[Joe Biden/President of the United States: I fully agree that the fuel tax exemption alone will not solve the current problem.
But once the fuel tax is waived, many families will feel instantly relieved and will be able to afford it.]
In addition, he urged each state to also exempt state fuel taxes. The White House explains that if both federal and state fuel taxes are exempted, gasoline prices will be reduced by 3.6%.
However, there are many economists who question the effectiveness of the fuel tax exemption, and there are opposing opinions not only among the opposition parties but also among lawmakers from the ruling party.
The New York Stock Exchange today (23rd) fell slightly on the remarks of Chairman Powell.