Federal Reserve Chair Jerome Powell will likely answer many questions about the future of inflation, interest rates and a potential recession.
Federal Reserve Chair Jerome Powell will testify to the Senate’s Banking, Housing and Urban Affairs Committee this week as his agency has continued to increase interest rates to fight inflation.
The interest rate hikes are an attempt to quell high inflation. Powell has said the Fed’s goal is to get inflation to 2% annually. The high federal interest rate has a profound impact on borrowers trying to buy a home. According to federal data, the 30-year fixed mortgage rate has more than doubled in the last year to 6.65%.
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