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US Federal Reserve Chairman Powell has made it clear once again that he intends to raise interest rates until inflation is caught.
President Biden has also called on Congress to waive fuel taxes for 90 days to keep inflation down.
Correspondent Kim Jong-won reports 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 he needed to cut current inflation, the highest level in 40 years, to the Fed's 2% target, which he said would continue to raise rates until then.
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 oil tax for 90 days to 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 questioning the effectiveness of the fuel tax exemption, as well as opposition parties as well as opposition members from the ruling party, so it is uncertain whether it will actually pass.
The New York Stock Exchange today (23rd) fell slightly on the remarks of Chairman Powell.