U.S. Federal Reserve Chairman Jerome Powell is going all-out to lower inflation.
Addressing the Senate Banking Committee on Wednesday, Powell said that the Fed has the ability to make that happen.
"We understand the hardship that high inflation is causing. We are strongly committed to bringing inflation back down, and we're moving expeditiously to do so. We have both the tools we need and the resolve it will take to restore price stability on behalf of American families and businesses"
He reiterated that ongoing rate hikes would be appropriate, adding that the exact pace would depend on the country's economic outlook.
Although he added that the Fed is not trying to trigger a recession, he acknowledged that a recession is certainly a "possibility".
"We're not we're not trying to provoke and don't think that we will need to provoke a recession. But we do think it's absolutely essential that we restore price stability.
Inflation in the U.S. rose to a four-decade high of 8.6 percent in May year-on-year.
Along with soaring food prices, the national average price of gasoline in the U.S. is currently ranging at around a record five dollars a gallon or a little over a dollar-30 a liter.
To provide temporary relief for American families this summer, President Biden asked Congress to suspend the country's gas tax until the end of September, to help lower record pump prices.
''We can bring down the price of gas and give families just a little bit of relief. I call on the companies to pass this along. Every penny of this 18 cents reduction to the consumers.''
But an expert says longer-term policies are still needed to address inflation.
"I think if it does pass, it will come and go and won't really have much impact, except in terms of symbolically and in terms of headlines."
Eum Ji-young, Arirang News.