Powell expects more Fed rate hikes because of persistently high inflation
Headline from Fox7 Austin
Chair Jerome Powell reiterated that the Federal Reserve will likely raise interest rates at least once more this year because of persistently high inflation in the economy’s service sector and the surprisingly tight job market.
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WASHINGTON (AP) — With inflation in the United States still excessive, most Federal Reserve officials expect to raise interest rates further this year,
With inflation in the United States still too high, most Federal Reserve officials expect to raise interest rates further this year, Chair Jerome Powell said in prepared testimony to be delivered to a House committee.
In his remarks Wednesday, Powell said the Fed chose to keep its key interest rate steady last week to assess the impact of three large bank failures this spring.
The Federal Reserve is likely to raise its benchmark interest rate at “a more moderate pace” than the fast-and-furious rate hikes of the previous 15 months, Fed chair Jerome Powell told lawmakers.
The Federal Open Market Committee paused its series of interest-rate increases last week for the first time in 15 months, leaving rates in a range of 5% to 5.25%.
Chair Jerome Powell reiterated that the Federal Reserve will likely raise interest rates at least once more this year because of persistently high inflation in the economy’s service sector and the surprisingly tight job market.
With inflation in the United States still excessive, most Federal Reserve officials expect to raise interest rates further this year, Chair Jerome Powell told a House committee Wednesday.
WASHINGTON >> Chair Jerome Powell reiterated today that the Federal Reserve will likely raise interest rates at least once more this year because of persistently high inflation in the economy’s service sector and the surprisingly tight job market.
WASHINGTON — With inflation in the United States still excessive, most Federal Reserve officials expect to raise interest rates further this year, Chair Jerome Powell told a House committee Wednesday.
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