U.S. Fed chief says "prepared" for further rate hikes

U.S. Federal Reserve Chairman Jerome Powell said Friday that the central bank is "prepared" to raise interest rates further as necessary to contain stubborn inflation. In a closely watched speech at an annual conference of central bankers in Jackson Hole, Wyoming, Powell said the U.S. economy has been expanding more robustly than predicted and suggested inflation will not come down to the Fed's target of 2 percent anytime soon. "Although inflation has moved down from its peak -- a welcome development -- it remains too high," he said. "We are prepared to raise rates further if appropriate, and ...