Powell, in the first of two days of testimony to Congress, earlier had bemoaned the “partial reversal” of the progress Fed officials thought they had seen in inflation coming down through the end of last year.
Powell told the Senate Banking Committee the latest economic data had come in stronger than expected, “which suggests that the ultimate level of interest rates is likely to be higher than previously anticipated.” Senator Elizabeth Warren and other Democrats grilled Powell on the impact of rate hikes on jobs, and the impact of company profit-taking on inflation.
White House economists see recent moderation in inflation and strong jobs data as “evidence that the president’s economic plan is working,” she said. “That’s what we’re focused on.”
Source: Loan Digest (loandigest.net)
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