Economics
Fed’s Powell Says Gradual Rate Hikes Are the Best Path ‘For Now’
- He sees strong job market, tame inflation ‘next several years’
- He tells Congress it’s hard to predict impact of trade dispute
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Federal Reserve Chairman Jerome Powell said the central bank will continue to gradually raise interest rates “for now’’ to keep inflation near target amid a strong U.S. labor market.
The Federal Open Market Committee, the Fed panel that sets interest rates, “believes that -- for now -- the best way forward is to keep gradually raising the federal funds rate,” Powell said in prepared testimony before the Senate Banking Committee.