Fed Chair Powell Signals More Rate Hikes May Be Needed to Curb Inflation, Despite Economic Resilience
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Federal Reserve Chair Jerome Powell says more interest rate hikes may be needed to fight inflation. The Fed could raise rates again at its December meeting.
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Powell wants to see weaker demand in the economy to bring down inflation. Recent robust consumer spending and economic growth are concerning.
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Interest rates are at a 22-year high but the economy may be more resistant now due to pandemic era low mortgage rates.
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Other Fed officials suggest additional rate hikes may not be needed as the full effects of previous hikes are still unfolding.
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Powell was interrupted by climate protesters while giving a speech, the second such incident in the past month, raising security concerns.