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MNI BRIEF: Fed's Powell Will Raise Rates More If Needed

WASHINGTON (MNI)

The Federal Reserve expects easing supply chain pressures to take some of the heat off high inflation, but a more aggressive monetary tightening might be needed if that doesn't happen, Fed Chair Jerome Powell told Congress during his nomination hearing Tuesday.

"If we have to raise interest rates more over time we will," Powell said. "High inflation is a severe threat to the achievement of maximum employment.

MNI Washington Bureau | +1 202 371 2121 | pedro.dacosta@marketnews.com
MNI Washington Bureau | +1 202 371 2121 | pedro.dacosta@marketnews.com

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