Semiannual Monetary Policy Report to the Congress
· Jerome H Powell, Chair of the Federal Reserve (United States)
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JH · Jerome H Powell Wiki · Federal Reserve WikiSemiannual Monetary Policy Report to the CongressContextSemiannual testimony of Jerome Powell before the Senate Banking Committee, presenting the Monetary Policy Report to Congress.
Why it mattersPowell tells Congress that rates may need to go higher than expected.
Problems raised- Inflation is well above the 2% goal.
- The labour market remains extremely tight.
- Recent data suggest rates may need to go higher than expected.
Solutions proposed- Keep tightening monetary policy.
- Take into account the lags of past rate increases.
- Be prepared to increase the pace of hikes if data warrant.
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