Following last week's widely expected pause, the Federal Reserve is likely to resume raising interest rates later this year, Fed Chair Jerome Powell said during testimony before the House Financial Services Committee on Wednesday.In prepared remarks, Powell reiterated the Fed is likely to continue raising interest rates in an effort to contain stubbornly elevated inflation."Nearly all FOMC partici...
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Business News
May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.