With inflation in the United States still excessive, most Federal Reserve officials expect to raise interest rates further this year, Chair Jerome Powell said in prepared testimony to be delivered to a House committee Wednesday.
achieve a tricky feat: Weaken the economy enough to tame inflation, without undermining it so much as to cause a deep recession.repeated a warning he has often made: Defeating inflation won’t be painless.
“Reducing inflation is likely to require a period of below-trend growth and some softening of labor market conditions,” he said.officials, though, have said they hope to curb inflation mainly by reducing the number of open jobs rather than through mass layoffs. Cutting demand for workers would allow employers to slow their wage increases, thereby helping keep a lid on inflation.’s policymakers indicated that they envision at least two more rate hikes this year, and four predicted one additional increase. Only two officials forecast that the central bank will keep its key rate at its current level of 5.1% through year’s end.
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