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Fed Chair Powell Tells Congress Rate Hikes Still on Horizon
Economic growth is expected to be strong enough for the Federal Reserve to continue raising interest rates. The central bank’s chairman Jerome Powell shared that plan Tuesday with Congress during his twice-a-year report on monetary policy, which was largely upbeat.
Powell told the Senate Banking Committee, “Our policies reflect the strong performance of the economy, and are intended to help make sure that this trend continues.”
Powell also indicated the get-tough trade policies of President Trump may dampen future growth, especially if higher tariffs become permanent fixtures in a global trade environment.
The Fed continues to dial back the measures implemented a decade ago to help bring the economy out of the Great Recession, mainly because the economy is performing well. The Fed says, a slow rate increase is warranted, given it expects a robust job market to continue and inflation is envisioned to hover near its 2% target in the coming years. Rates are projected to be raised two more times this year.
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- ◦Economy
