Powell’s commentary comes as Wall Street ponders how high the central bank will raise interest rates to rein in inflation (and drag down stock prices).
Topline
In a semiannual report to Congress beginning Tuesday at 10 a.m., Federal Reserve Chair Jerome Powell said the central bank will continue to up the temperature on what is already their most aggressive tightening campaign in decades.Key Facts
Powell’s testimony to the Senate’s banking, housing and urban affairs committee is expected to include a status report on the effectiveness of the Fed’s decision to hike interest rates to a 16-year high in order to combat inflation.
The target federal funds rate, which determines the lending rate between banks and strongly influences borrowing costs nationwide, was 4.
