Chairman Jerome Powell told Congress Tuesday morning the Federal Reserve may have to raise interest rates again when they meet later this month to pull the reins of a robust economy to control inflation, the Washington Post reports.
“The latest economic data have come in stronger than expected, which suggests that the ultimate level of interest rates is likely to be higher than previously anticipated,” Powell wrote in written testimony. “If the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes.”