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Powell Says Further Rate Hikes Are Needed

“We think we are going to need to do further rate increases. The labor market is extraordinarily strong,” Powell said Tuesday.

By Craig Torres | February 07, 2023 at 01:59 PM
Photo: Jerome Powell, chairman of the U.S. Federal Reserve. Jerome Powell, chairman of the U.S. Federal Reserve.

Federal Reserve Chair Jerome Powell said that additional interest-rate increases will be needed to cool inflation, and that borrowing costs may need to peak higher than previously expected if the strong jobs market persists.

“We think we are going to need to do further rate increases,” Powell said Tuesday in a question-and-answer session with David Rubenstein at the Economic Club of Washington. “The labor market is extraordinarily strong.” If the job situation remains very hot, “it may well be the case that we have to do more,” he said.

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