Jerome Powell says Fed could keep lifting interest rates sharply "for some time"
CBSN
Federal Reserve Chair Jerome Powell delivered a stark message Friday: The Fed will likely impose more large interest rate hikes in coming months and is resolutely focused on taming the highest inflation in four decades.
Powell acknowledged that the Fed's continued tightening of credit will cause pain for many households and businesses as its higher rates further slow the economy and potentially lead to job losses.
"These are the unfortunate costs of reducing inflation," Powell said in the written version of a high-profile speech he is giving at the Fed's annual economic symposium in Jackson Hole. "But a failure to restore price stability would mean far greater pain.
On the eve of the D-Day invasion, Gen. Dwight Eisenhower spent the remaining hours of daylight with the paratroopers who were about to jump behind German lines into occupied France. A single moment captured by an Army photographer became the most enduring image of America's greatest military operation.
This story previously aired on March 6, 2016. Child Advocate: Do you know why you are here today? 911 operator: 911. What is your emergency? 911 operator: Is there anybody else in the house with you? Robin Doan [to 911]: I so hope my mom is not dead. Robin Doan [to 911]: Please can you just send somebody out here? Robin Doan [to 911]: I'm cold. I'm very cold. Robin Doan [to 911]: I heard my mama scream ... Robin Doan [to 911]: I want my mom. I want my mom. Robin Doan [to 911]: It's on Highway 70. It's about 13.3 miles out from the bowling alley. I have a purple shirt on I have purple pants on. Robin Doan [to 911]: All I want right now is my blanket and my pillow. ... I see him. I see him. Robin Doan [advocate interview]: I really don't want to go to sleep anymore. It makes me to where I'm too scared. I really don't want to go to sleep. OK. Robin Doan [advocate interview]: He had shot in my room and missed me. Advocate: Did you hear anybody say anything. Could you hear anybody talking? Robin Doan [advocate interview]: I don't know this for sure but I thought I saw a white eyes ... a white face. Robin Doan [advocate interview]: And when he shot I saw a flash. Robin Doan [advocate interview]: I can't talk about it. It's too heartbreaking. Levi King interrogation: Before I even realized it, I mean, I'd just pointed it at him and fired.