JACKSON, Wyo. — Jerome H. Powell, the chair of the Federal Reserve, warned that the central bank’s campaign to beat back the fastest inflation in decades would come at a cost to workers and overall growth. But he emphasized that the Fed must continue raising interest rates — and keep them elevated for a while — to prevent rapid price increases from becoming a more permanent feature of the American economy.“Restoring price stability will take some time and requires using our tools forcefully to bring demand and supply into better balance,” Mr. Powell said in a speech on Friday. “While higher interest rates, slower growth and softer labor market conditions will bring down inflatio …
