Fed’s Powell: More rate hikes are likely this year to fight still-high inflation.
this year, Chair Jerome Powell said in prepared testimony to be delivered to a House committee Wednesday.
In his remarks Wednesday, Powell also indicated that the Fed chose to keep its key interest rate steady last week so it could assess the impact of Last year, the Fed jacked up its benchmark rate at a breakneck pace, including by three-quarters of a point on four occasions. Now, with year-over-year inflation having eased from A slower pace of rate increases, Powell has said, could help the Fed achieve a tricky feat: Weaken the economy enough to tame inflation, without undermining it so much as to cause a deep recession.
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