Federal Reserve will likely need to raise interest rates more than expected in response to strong data, Jerome Powell said. Read more
“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,” Powell said.
But in either case Powell’s comments mark a stark acknowledgement that a “disinflationary process” he spoke of repeatedly in a Feb. 1 news conference may not be so smooth. Members of the Senate Banking Committee will question Powell after he delivers his testimony, with a similar hearing scheduled before the House of Representatives Financial Services Committee on Wednesday.
In a comment that may well be seized on by some Senate Democrats, Powell suggested that the labour market might have to weaken for inflation to fall across the broad services sector, a labour-intensive part of the economy where prices continue to rise.
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