The Federal Reserve must accelerate rate hikes further if it hopes to rein in inflation, its chairman claims The Federal Reserve will have to further accelerate increasing interest rates in order to rein in inflation, which is already at 40-year highs, Fed chairman Jerome Powell told the Senate Banking Committee on Wednesday. “I think that the most recent inflation indicators, [the] various kinds, suggest to us that we need to accelerate the pace at which we can get up to a level that is neutral,” he said, calling for a “restrictive policy” that would slow the growth of the monetary supply and reduce inflation to
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