Federal Reserve Chair Powell says the Fed needs to raise rates higher

Federal Reserve Chair Jerome Powell told U.S. lawmakers that interest rates are likely going higher than expected, and the central bank is prepared to revert back to bigger rate hikes.

"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 testified before the Senate Banking Committee.

Powell was also grilled on the U.S. dollar, debt levels, the crypto market, and stubborn inflation.
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