JUST IN: The Fed will likely raise interest rates to a higher peak than previously thought and may consider ratcheting back up the pace of hikes in an effort to cool down a resilient economy, chair Jerome Powell will tell Congress today.
Federal Reserve chair Jerome Powell testifies before Congress last year. Photo: Win McNamee/Getty Imagesto a higher peak than previously thought and may consider ratcheting back up the pace of hikes in an effort to cool down a resilient economy, chair Jerome Powell will tell Congress on Tuesday.Powell's remarks underscore the importance of the incoming round of data on the labor market, inflation and consumer spending.
But there will be major economic data releases between now and then that will shape the backdrop, including the February jobs report and Consumer Price Index. The huge question facing policymakers is whether that re-acceleration of activity was a blip or a sign the economy is developing in a manner counter to the Fed's goals.
"Still, the breadth of the reversal along with revisions to the previous quarter suggests that inflationary pressures are running higher than expected at the time of our previous" policy meeting, Powell will say.have started to price in a higher level of peak interest rates — an about-face from recent months where investors thought the Fed would back off sooner than they said.
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