December 11, 2023

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Federal Reserve Chairman Jerome Powell appeared on Capitol Hill on Thursday for a second day of testimony on monetary policy. The central banker will appear before the Senate Banking Committee after addressing the House Financial Services Committee on Wednesday.

In his speech on Wednesday, Powell warned that he and all other members of the Federal Open Market Committee, which sets interest rates, expect to raise rates further to bring down inflation. The only concession he’s made is that the Fed doesn’t appear to be moving at the astonishing pace of its previous 10 rate hikes since March 2022.

“Given the progress we’ve made, it may make sense to raise rates, but at a more modest pace,” he told a question-and-answer session with committee members.

Committee members questioned Powell on a variety of other topics, including the banking turmoil in March. He acknowledged the need for the Fed to strengthen its regulatory and supervisory practices.

read more:
Powell sees further Fed rate hikes ahead as fight against inflation ‘still a long way to go’
Bank of England surprises with 50bps rate hike to tackle persistent inflation
Fed delays rate hike, but says two more hikes later this year

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