Powell to face Senate grilling on Fed interest rates and inflation
Headline from FOX 4 Dallas
The Fed chairman’s first appearance before Congress in nine months coincides with growing signs that the economy remains resilient and inflation still stubbornly high.
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The Fed chairman’s first appearance before Congress in nine months coincides with growing signs that the economy remains resilient and inflation still stubbornly high.
Speaking before the Senate Banking Committee, Powell warned the central bank may have to raise interest rates even more, sending stock markets sharply lower.
The Federal Reserve could increase the size of its interest rate hikes and raise borrowing costs to higher levels than previously projected if evidence continues to point to a robust
The Federal Reserve could increase the size of its interest rate hikes and raise borrowing costs to higher levels than previously projected if evidence continues to point to a robust economy and persistently high inflation, Chair Jerome Powell said Tuesday in prepared testimony to a Senate panel.
At his March 7 testimony before the Senate Banking Committee, Federal Reserve Chair Jerome Powell stated that due to strong and sustained economic data in 2023 thus far, the Fed may speed up interest rate hikes more than expected in order to fight high inflation.
Powell's first appearance before Congress in nine months coincides with recent signs that the economy remains resilient and inflation still stubbornly high.
Chair Jerome Powell's comments raise the possibility that the Fed will increase its key interest rate by a half-percentage point at its next meeting, after having carried out a quarter-point hike in February.
Federal Reserve Chairman Jerome Powell told lawmakers Tuesday that the central bank is likely to keep raising interest rates higher than previously expected to combat stubbornly high inflation.
The Federal Reserve chair acknowledged that inflation 'has been moderating in recent months' but added that 'the process of getting inflation back down to 2% has a long way to go and is likely to be bumpy.'
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