Noting that inflation has cooled but 'remains well above' the Fed's 2% target, Powell said the central bank still has more work to do.
Federal Reserve Chairman Jerome Powell on Wednesday affirmed that more interest rate increases are likely ahead as inflation is "well above" where it should be.
for testimony he will deliver to the House Financial Services Committee. The speech is part of his semiannual appearance on Capitol Hill to update lawmakers on monetary policy.rate increases totaling 0.5 percentage point "Inflation has moderated somewhat since the middle of last year," he said. "Nonetheless, inflation pressures continue to run high, and the process of getting inflation back down to 2% has a long way to go."
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