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MNI: Powell Says Nearly All FOMC Members See More Rate Hikes

EMERGING MARKETS
  • (MNI) Nearly all FOMC members think the Federal Reserve will have to raise interest rates "somewhat" further this year in order to bring inflation down to the central bank's 2% target over time, Fed Chair Jerome Powell will testify before the House Financial Services Committee Wednesday.
  • "Nearly all FOMC participants expect that it will be appropriate to raise interest rates somewhat further by the end of the year," Powell said in prepared remarks.
  • He said last week's decision to hold rates steady for the first time since March 2022 reflected "how far and how fast we have moved," adding that future decisions will be made on a meeting-by-meeting basis.
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