More rate hikes are likely this year to fight still-high inflation Powell says

During a House committee hearing on Wednesday, Chair Jerome Powell informed officials that inflation in the United States remains at elevated levels.

Consequently, the majority of Federal Reserve officials anticipate further interest rate increases later this year. Powell emphasized that the process of reducing inflation to the target rate of 2% is still a lengthy one.

Despite these concerns, the Federal Reserve opted to keep interest rates unchanged last week, following a series of ten consecutive rate hikes, the Associated Press has reported.

READ MORE: https://apnews.com/article/inflation-interest-rates-hikes-federal-reserve-economy-984566ca72823143288cb5cb3957b12d

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