Fri, 2022-08-26 08:11
NEW YORK: Oil prices fell on Friday, after the head of the US Federal Reserve warned there is no quick cure for inflation, while talk of a hefty European Central Bank rate hike also stoked demand worries, according to Reuters.
The US economy will need tight monetary policy “for some time” before inflation is under control, a fact that means slower growth, a weaker job market and “some pain” for households and businesses, US Federal Reserve Chair Jerome Powell said.
Oil futures, along with Wall Street’s main stock indexes, fell after the remarks.
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