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Fed must move 'expeditiously' and, if needed, more aggressively: Powell

Fed policymakers last week raised interest rates for the first time in three years and signaled ongoing rate hikes ahead

Jerome Powell
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File Photo: Federal Reserve Chair Jerome Powell (Photo: Reuters)

Reuters
The U.S. central bank must move "expeditiously" to bring too-high inflation to heel, Federal Reserve Chair Jerome Powell said on Monday, adding that it could use bigger-than-usual interest rate hikes if needed to do so.

"The labor market is very strong, and inflation is much too high," Powell said in remarks prepared for delivery to a National Association for Business Economics conference. "There is an obvious need to move expeditiously to return the stance of monetary policy to a more neutral level, and then to move to more restrictive levels if that is what is required to restore price stability."

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First Published: Mar 21 2022 | 11:02 PM IST

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