Federal Reserve Chair Jerome Powell says recent data suggests 'the ultimate level of interest rates is likely to be higher than previously anticipated.' Powell is currently speaking to a Senate panel on the state of the U.S. economy.
“The latest economic data have come in stronger than expected, which suggests that the ultimate level of interest rates is likely to be higher than previously anticipated,” Powell testified to the Senate Banking Committee.
“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’s comments raise the possibility that the Fed will increase its key interest rate by a half-percentage point at its next meeting March 21-22, after having carried out a quarter-point hike
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