Powell sees higher peak for rates, says Fed prepared to speed up if needed

Federal Reserve Chairman Jerome Powell on Tuesday cautioned that interest rates are likely to head higher than central bank policymakers had expected

Federal Reserve Chair Jerome Powell said the US central bank is likely to raise interest rates higher than previously thought and is prepared to speed up the pace of hikes if economic data warrants.
 

“Although inflation has been moderating in recent months, the process of getting inflation back down to 2 percent has a long way to go and is likely to be bumpy,” Powell said Tuesday in prepared testimony before the Senate Banking Committee. “The latest economic data have come in stronger than expected, which suggests that the ultimate level of interest rates is likely to be higher than