Fed Chairman Jerome Powell next week will tell Congress that the central bank is thinking about the possible need to to push rates higher to cool inflation.
The Federal Reserve Chairman’s testimony to Congress next week is likely to be very succinct and can be summed up neatly as ” the risks of doing too little are far greater than the risks of doing too much,” economists said Friday.
“The Fed is getting a little more hawkish than we pictured them at the end of last year,” said Michael Gregory, deputy chief economist at BMO Capital Markets. Less than two months ago, the narrative was that the U.S. economy was slowing and inflation was cooling and maybe the Fed only needed to raise interest rates a couple more times.The economy has perked up, job growth shot up in January, and revisions to the data erased the sense that inflation was cooling.
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