Its decision-making will be based on the incoming data and the evolving outlook for the economy, Powell said in prepared testimony to the Senate Banking Committee
Federal Reserve Chair on Wednesday underscored the Fed’s determination to raise interest rates high enough to slow inflation, a commitment that has fanned concerns that the central bank’s fight against surging prices could tip the into. Powell said the pace of future rate hikes will depend on whether and how quickly starts to decline, something the Fed will assess on a meeting by meeting basis.
