Senate Powell

Federal Reserve Chairman Jerome Powell testifies during a Senate Banking Committee hearing on Capitol Hill in Washington, Tuesday, March 7, 2023. (AP Photo/Andrew Harnik)

WASHINGTON — The Federal Reserve could increase the size of its interest rate hikes and raise borrowing costs to higher levels than previously projected if evidence continues to point to a robust economy and persistently high inflation, Chair Jerome Powell told a Senate panel Tuesday.

“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 to the Senate Banking Committee. “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.”

(1) comment

Jimzan 3

Carl Icahn said (CNBC phone interview?)...."""you do not have 13 years of pixie dust interest rates, and then think you can clean that HOT Mess up with a few months of suffering"" (Something to that effect). The Pain is "Just Beginning"...I am totally "Impressed" how our Government can crush the future of our children with Back Breaking Debt. The only good part about it....the clueless toddlers (Gen Z, Millennials, etc) are the ones that support the Renegade Parasites....Only way out of it.....Sell your Organs Gen Z r's .....China makes a small fortune on it. (google it) That's why my son won't go down to Mexico with me on a "All Expense Paid Vacation" (my treat)....Parts is Parts.

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