NEW YORK -- The yen slid against the dollar on Friday after Federal Reserve Chair Jerome Powell warned that the central bank was prepared to hike interest rates further if inflation remains too high in a highly anticipated address.
"Although inflation has moved down from its peak, a welcome development, it remains too high. We are prepared to raise rates further if appropriate, and intend to hold policy at a restrictive level until we are confident that inflation is moving sustainably down toward our objective," Powell said in the keynote address at the annual Jackson Hole Economic Symposium hosted by the Kansas City Federal Reserve Bank.
