Federal Reserve Chair Jerome Powell delivered his highly anticipated semiannual monetary policy testimony before the Senate Banking Committee on Tuesday.
Citing stubbornly elevated inflation and stronger than expected economic data, Powell told lawmakers the "ultimate level of interest rates is likely to be higher than previously anticipated."
Powell also said the Fed would be prepared to reaccelerate the pace of rate hikes if the totality of incoming data were to indicate that faster tightening is warranted.
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Political News
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.