Fed Raising Interest Rates Higher Than First Thought, Jerome Powell Tells Senate Committee

Fed Raising Interest Rates Higher Than First Thought, Jerome Powell Tells Senate Committee
Federal Reserve Board Chairman Jerome Powell speaks during a news conference following a meeting of the Federal Open Market Committee at the headquarters of the Federal Reserve in Washington on Sept. 21, 2022. Drew Angerer/Getty Images
Andrew Moran
Updated:
0:00

The Federal Reserve will likely keep raising interest rates higher than officials had first thought, Chair Jerome Powell told lawmakers in Washington.

In his first of two appearances on Capitol Hill on Tuesday, Powell cautioned the Senate Banking Committee that the latest string of better-than-expected economic data and a modest reversal in the disinflation trend could enable the U.S. central bank to tighten monetary policy faster.

Andrew Moran
Andrew Moran
Author
Andrew Moran has been writing about business, economics, and finance for more than a decade. He is the author of "The War on Cash."
Related Topics