Federal Reserve Chairman Jerome Powell has signaled more interest rate hikes this year. “Given how far we’ve come, it may make sense to move rates higher but to do so at a more moderate pace,” the Fed chair told U.S. lawmakers. “Inflation pressures continue to run high, and the process of getting inflation back down to 2 percent has a long way to go,” he stressed.
Fed Chair Powell on Future Rate Hikes and Inflation
Federal Reserve Chairman Jerome Powell signaled more interest rate hikes this year in his prepared remarks before the House Financial Services Committee Wednesday. His speech was part of his appearance on Capitol Hill to present the Federal Reserve’s semiannual Monetary Policy Report. During the Federal Open Market Committee (FOMC) meeting last week, Fed officials decided to pause raising interest rates after 10 consecutive rate hikes.
“In light of how far we have come in tightening policy, the uncertain lags with which monetary policy affects the economy, and
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