'Powell essentially canceled Christmas' -CIO

STORY: Americans are headed for a painful period of slow economic growth and possibly rising joblessness as the U.S. central bank raises interest rates to fight high inflation, Powell warned in his bluntest language yet about what is in store for the world's biggest economy.

In a speech kicking off the Jackson Hole central banking conference in Wyoming, Powell said the Fed will raise rates as high as needed to restrict growth, and would keep them there "for some time" to bring down inflation that is running at more than three times the Fed's 2% goal.