US interest rate hikes could end up being a lot higher than once imagined, Federal Reserve Chair Jerome Powell said on Tuesday, warning that the fight against inflation had a long way to go
WASHINGTON (Pakistan Point News / Sputnik - 07th March, 2023) US interest rate hikes could end up being a lot higher than once imagined, Federal Reserve Chair Jerome Powell said on Tuesday, warning that the fight against inflation had a long way to go.
"The ultimate level of interest rates is likely to be higher than previously anticipated," Powell said in the Fed's semi-annual testimony to Congress. "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. Although inflation has been moderating in recent months, the process of getting inflation back down to 2 percent has a long way to go and is likely to be bumpy."
