Central Banks
Powell Signals Higher Rates as Lawmakers Press Him on Bank Rules
- Says the timing of rate moves will be decided at each meeting
- Powell fields questions on Fed’s response to bank failures
Federal Reserve Chair Jerome Powell said policymakers expect interest rates will need to move higher to reduce US growth and contain price pressures, even though they held rates steady at their meeting last week.
“Earlier in the process, speed was very important,” Powell said Wednesday in testimony before the House Financial Services Committee, referring to the pace at which officials lifted rates over the past year. “It is not very important now.”