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MNI BRIEF: Majority Of FOMC Sees Two More Hikes This Year

(MNI) Washington

Most Federal Reserve officials think the central bank needs to raise interest rates twice more this year, Fed Chair Jerome Powell told the U.S. Senate Banking Committee.

"A strong majority of the committee feels that It will be appropriate to raise rates two times before the end of this year," he said during semi-annual testimony. The Fed last week held rates steady at 5-5.25% but raised its projection of the median peak funds rate to 5.6%. (See MNI INTERVIEW: Fed's Bostic Wants Rates On Hold Until End 2024)

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