Fed could 'speed up' interest rate hikes amid inflation

Federal Chair Jerome Powell told the Senate that the central bank will likely continue to raise interest rates amid surges in job growth and inflation.
Citing a recent surge in job growth and inflation, Federal Reserve Chair Jerome Powell told Congress Tuesday the central bank will likely raise its key interest rate higher than anticipated and could resume larger hikes after slowing the pace in recent months. “As I mentioned, 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 told the Senate banking committee in prepared testimony. He added, “If the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes.”

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