Oil Prices Slip After Powell Warns Of Higher-For-Longer Interest Rates

Crude oil prices began to slip on Friday after Federal Reserve Chair Jerome Powell spoke for a mere 8 minutes, warning that there would be pain ahead. “While higher interest rates, slower growth, and softer labor market conditions will bring down inflation, they will also bring some pain to households and businesses,” Power said in his Friday speech. “Restoring stability will take some time,” Powell warned, adding that “Reducing inflation is likely to require a sustained period of below-trend growth.” Powell…