Powel: ongoing interest rate increases will be appropriate

While testifying before the Senate Banking, Housing, & Urban Affairs Committee on Wednesday, FOMC Chairman Jerome Powell said that ongoing interest rate increases will be appropriate.

“Fed is strongly committed to bringing inflation back down, moving expeditiously to do so.”

“Pace of future rate increases will continue to depend on incoming data and evolving economic outlook.”

“We will make our decisions meeting by meeting.”

“Essential that inflation be brought down if US Ii to have a sustained period of strong labor market conditions that benefit all Americans.”

“Available data for May suggest core inflation likely held at April’s 4.9% annual pace or eased slightly.”