Powell: US may still need tough decisions to control inflation

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The US Federal Reserve Chairman Jerome Powell acknowledged recent signs of cooling inflation, but said that the central bank would be “resolute” in its commitment to its 2% mandate. Powell says inflation is still too high and lower economic growth is likely needed to bring it down This comes as September saw a 13-year low in existing house sales in the US due to a combination of rising mortgage rates and limited supply that made homes unaffordable for many first-time buyers. (Picture: bananas with price tag are displayed for sale in a grocery store on October 12, 2023 in Los Angeles, California. Photo Credit: Mario Tama/Getty Images)