Powell to face Senate grilling on Fed interest rates and inflation
FILE - Federal Reserve Board Chairman Jerome Powell speaks during an interview by David Rubenstein, Chairman of the Economic Club of Washington, D.C., at the Renaissance Hotel on Feb.
7, 2023 in Washington, D.C. (Photo by Julia Nikhinson/Getty Images WASHINGTON - If measures of the U.S. economy keep coming in hot, as they did in January, the Federal Reserve will likely have to raise interest rates even higher than it has already signaled — and keep them there longer — Chair Jerome Powell will likely warn in testimony to Congress on Tuesday.Powell's first appearance before Congress in nine months coincides with recent signs that the economy remains resilient and inflation still stubbornly high.
In the past year, the Fed has raised its benchmark interest rate at the fastest pace in four decades, to about 4.6%, its highest level in 15 years.
But consumer spending, hiring and growth have yet to cool.Several Fed officials said last week that they would favor raising the Fed's key rate above the 5.1% level they had projected in December if growth and inflation stay elevated.
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