Fed policymakers hiked the benchmark federal funds rate by a half point earlier this month, and Chairman Jerome Powell has all but promised that two, similarly sized increases are on the table at the forthcoming meetings in June and July.
on Tuesday reiterated his commitment to curbing the highest inflation in decades, indicating the central bank will raise interest rates as high as necessary in order to tame consumer prices.
In this Jan. 29, 2020 file photo, Federal Reserve Chair Jerome Powell pauses during a news conference in Washington. His comments come one week after the Labor Department reported inflation surged higher than expected in April, with prices rising 8.3%, close to a 40-year high. Economists had been hoping for signs that the inflation spike was subsiding in a substantive way; instead, the report underscored how strong inflationary pressures still are in the economy.
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