Powell: US may still need tough decisions to control inflation

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.