Federal Reserve Chair Jerome Powell’s first appearance before Congress in nine months coincides with recent signs that the economy remains resilient and inflation still stubbornly high.
In the past year, the Fed has raised its benchmark interest rate at the fastest pace in four decades, to about 4.6%, its highest level in 15 years. But consumer spending, hiring and growth have yet to cool.Several Fed officials said last week that they would favor raising the Fed’s key rate above the 5.1% level they had projected in December if growth and inflation stay elevated.
Powell has noted that so far, most of the slowdown in inflation reflects an unraveling of supply chains that have allowed more furniture, clothes, semiconductors and other physical goods to reach U.S. shores. By contrast, inflation pressures remain entrenched in numerous areas of the economy’s vast service sector.
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