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Federal Reserve Chairman Jerome Powell testifies Wednesday before the House Financial Services Committee in remarks that markets will be watching closely.
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On Tuesday, Powell told the Senate Banking Committee that the central bank could raise interest rates more aggressively if inflation data remains strong.
“If the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes,” Powell said, igniting a sell-off on Wall Street in both stocks and bonds.
Powell also offered commentary on the debt ceiling, cryptocurrency and other topics.
Read more
A year after the first rate hike, the Fed still has a long way to go in the fight against inflation
Fed’s Mester says she has hope that inflation can be brought down without a recession
Fed’s James Bullard pushes for faster rate hikes, sees ‘good shot’ at beating inflation
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