Pace of Interest Rate Hikes May Increase: Fed

Originally published on March 7, 2023, by Brian Cheung for NBC News.

Federal Reserve Chairman Jerome Powell told lawmakers Tuesday that policymakers may have to speed up their interest rate hikes to tame high inflation.

With prices continuing to rise at a yearly pace of 6.4%, according to government data, Powell warned that it may take time for Americans to see further relief.

“The process of getting inflation back down to 2% has a long way to go and is likely to be bumpy,” Powell told the Senate Banking Committee, referring to the central bank’s target inflation level.

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