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Today, Federal Reserve Chair Jerome Powell will make his second appearance on Capitol Hill to discuss monetary policy. Following his testimony before the House Financial Services Committee yesterday, Powell will now address the Senate Banking Committee.
During his remarks on Wednesday, Powell emphasized that he and other members of the Federal Open Market Committee anticipate further interest rate hikes in order to combat inflation. However, he hinted that the pace of these hikes will likely be more gradual compared to the rapid rate increases seen since March 2022.
“Considering the progress we’ve made, it may be prudent to raise rates, but at a more moderate pace,” Powell stated during the Q&A session with committee members.
In addition to discussing interest rates, committee members posed questions to Powell about the banking turmoil experienced in March. He acknowledged the need for the Fed to strengthen its regulatory and supervisory practices.
For more information, check out these articles:
– Powell expects additional Fed rate hikes as the fight against inflation continues.
– Bank of England surprises with a 50 basis point rate hike to tackle persistent inflation.
– The Fed opts to hold off on a rate hike for now, but indicates that two more are likely later this year.
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