Federal Reserve Chairman Powell said he would continue to raise rates to curb inflation. He added that the US economy has been hit by various shocks and financial authorities need to respond “agilely”. Authorities raised rates in June, the most significant in nearly 30 years.
The chairman gave a semi-annual testimony at the Senate Banking Commission on the 22nd. “We expect continuous rate hikes to be appropriate,” he said, according to a pre-distributed manuscript. “It’s clear that inflation has been an upside surprise over the past year, and more surprises may await, so we need to be agile in the data we get and the outlook for change. There is. “
The content of the chair’s testimony manuscript was similar to what he said at a press conference after the Federal Open Market Committee (FOMC) meeting this month.
FOMC, 75bp rate hike-July is likely to be 75 or 50bp and Fed chairman (3)
“We understand the hardships of high inflation,” he said. “We are very committed to pushing down inflation and are moving fast.”
Regarding the U.S. economy, financial authorities do not anticipate a recession, but economists are increasingly saying that it could fall into a stagnation at some point in the next two years. There is.
“The US economy is very strong and ready to deal with the tightening of monetary policy,” Powell said.
Original title:Powell Sees Ongoing Rate Hikes Needed to Tame Hot Inflation（抜粋）
(Add and update the Chair’s remarks)