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Fed's Powell: Long Way to Go to Get Inflation Down to 2%
Posted
June 21, 2023
Views
2,208
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June 21, 2023
2,208
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0:58Now PlayingFederal Reserve Chair Jerome Powell said policymakers expect interest rates will need to move higher to reduce US growth and contain price pressures, even though they held rates steady at their meeting last week.
“Earlier in the process, speed was very important,” Powell said Wednesday in testimony before the House Financial Services Committee, referring to the pace at which officials lifted rates over the past year. “It is not very important now.”
It may make sense to continue moving rates higher in the coming months, but at a more moderate pace, Powell said in response to lawmakers’ questions about the Fed’s plans. The timing of additional hikes will be based on incoming data, he said in his opening statement.
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