Central Banks
Fed Says More Rate Hikes Are Needed to Curb Inflation
- Fed releases semi-annual monetary report to Congress
- Chair Jerome Powell will testify on Tuesday and Wednesday
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The Federal Reserve said that further interest-rate hikes would be required to restore price stability.
“The committee is strongly committed to returning inflation to its 2% objective,” the Fed said in its semi-annual report to Congress released Friday. Officials expect that “ongoing increases in the target range will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive.”