The Fed is seriously focused on reducing inflation to 2 percent

Fed Chairman Jerome Powell continues his messages on the fight against inflation.

In his opening speech at the Fed's conference on the global role of the dollar, Powell stated that the Fed is seriously focused on reducing inflation to 2 percent.

Powell said the Fed's strong commitment to price stability has bolstered widespread confidence in the dollar as a safe haven.

Powell stated that the Fed is considering issuing a digital currency and that this digital currency will contribute to maintaining the international status of the dollar.

While the US Federal Reserve raised interest rates by 75 basis points, the biggest since 1994, Fed Chairman Jerome Powell gave the message that an increase of 75 or 50 basis points could be made next month.

Powell's statement, “The 75 basis point rate hike is an unusually big step, and I don't expect steps of this magnitude to become widespread,” supported the markets by removing the possibility of much larger rate hikes from the table.