Jerome Powell Defends Policy of Gradually Raising Interest Rates

Remarks at annual Jackson Hole symposium affirm the Fed’s plan to raise rates at least to a level that neither spurs nor slows economic growth after nearly a decade of attempting to stimulate the economy by keeping them low

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JACKSON HOLE, Wyo.—Federal Reserve Chairman Jerome Powell defended the central bank’s strategy of gradually raising interest rates, pushing back against criticisms that the central bank is moving either too quickly or too slowly, jeopardizing the economy’s expansion.

Mr. Powell’s remarks, delivered Friday to kick off the Kansas City Fed’s annual economic symposium in Jackson Hole, Wyo., affirmed the Fed’s plan to raise rates at least to a level that neither spurs nor slows economic growth after nearly a decade of attempting...