The remarks were his first since inflation unexpectedly jumped in January and the government reported an unusually large increase in payroll jobs for that month.
“The latest economic data have come in stronger than expected, which suggests that the ultimate level of interest rates is likely to be higher than previously anticipated,” Powell said in opening remarks at a hearing before the Senate Banking Committee.and the government reported an unusually large increase in payroll jobs for that month.
But in either case Powell’s comments mark a stark acknowledgement that a “disinflationary process” he spoke of repeatedly in a Feb. 1 news conference may not be so smooth.Although inflation “has been moderating,” since its peak last year, Powell said, “the process of getting inflation back down to 2% has a long way to go and is likely to be bumpy.”
“Raising interest rates certainly won’t stop business from exploiting all these crises to jack up prices,” Brown said. In his testimony, Powell noted that much of the impact of the central bank’s monetary policy may still be in the pipeline, with the labor market still“The process of getting inflation back down to 2% has a long way to go and is likely to be bumpy,” Powell said.
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