Recent data on inflation, employment, spending and manufacturing show a hotter economy than officials expected, the central bank chair told Congress on Tuesday. The Fed’s next meeting is in two weeks.
“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. “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.”
For much of last year, the Fed sprinted to catch up to inflation that soared to 40-year highs, hiking interest rates by 4.5 percentage points in less than a year. Once rates were high enough to actively slow the economy, the Fed decided to slow its pace,Advertisement
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