Mon. Jun 17th, 2024

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Federal Reserve Chairman Jerome Powell testifies Wednesday earlier than the Home Monetary Providers Committee in remarks that markets will likely be watching intently.

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On Tuesday, Powell informed the Senate Banking Committee that the central financial institution might increase rates of interest extra aggressively if inflation information stays robust.

“If the totality of the information had been to point that quicker tightening is warranted, we’d be ready to extend the tempo of price hikes,” Powell stated, igniting a sell-off on Wall Road in each shares and bonds.

Powell additionally supplied commentary on the debt ceiling, cryptocurrency and different subjects.

Learn extra
A yr after the primary price hike, the Fed nonetheless has a protracted solution to go within the battle in opposition to inflation
Fed’s Mester says she has hope that inflation will be introduced down with out a recession
Fed’s James Bullard pushes for quicker price hikes, sees ‘good shot’ at beating inflation

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