Further Federal Reserve rate increases are “a pretty good guess” of where the central bank is heading if the economy continues in its current direction, Fed Chair Jerome Powell said in remarks on Wednesday to lawmakers on Capitol Hill. | Reuters
Right now that is characterized by modest growth but a still strong labor market and only stodgy progress on inflation.
“If you don’t see progress, that is an answer, if you do see progress, that is also an answer,” he said. Any change of capital rules or other regulations “would need to be shown to be justified,” Powell said. Though Fed officials held off on raising interest rates at their meeting last week, Powell called that an exercise in prudence, allowing time to gather more information before deciding on further rate increases that most Fed policymakers feel will be necessary by the end of the year.
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