"Even more financial chaos": Latest hike by Fed "risks throwing millions of Americans out of work"
1 year, 9 months ago

"Even more financial chaos": Latest hike by Fed "risks throwing millions of Americans out of work"

Salon  

This article originally appeared at Common Dreams. Fed Chair Jerome Powell told reporters Wednesday that although the Federal Open Market Committee "did consider" a pause on rate increases following the Silicon Valley Bank and Signature Bank failures, officials ultimately decided to raise the federal funds rate to a range of 4.75-5%, the highest level since 2007. "The Fed under Chair Powell made a mistake not pausing its extreme interest rate hikes," declared Sen. Elizabeth Warren, D-Mass., a fierce critic of nine consecutive rate hikes since last March as well as the Fed's regulatory rollbacks that proceeded the bank collapses. Patriotic Millionaires chair Morris Pearl—a bank bailout expert and former managing director at BlackRock—similarly contended that "the Fed's decision to keep pushing forward with rate hikes no matter the circumstances is a dangerous mistake." These same banks reported a combined $39.4 billion in unrealized losses on available-for-sale securities, including $12.7 billion in losses on available-for-sale U.S. Liz Zelnick, director of economic security and corporate power at Accountable.US, warned Wednesday that "hiking interest rates, even if more slowly, will devastate Main Street and Wall Street alike by wiping out millions of jobs while sending Treasury securities into a downward spiral," acknowledging that the recent bank turmoil prevented an even bigger increase than 25 basis points.

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History of this topic

month peak as market awaits next Fed cue
1 month ago

month peak as market awaits next Fed cue

Live Mint  

By Brigid Riley TOKYO - The U.S. dollar stuck close to a 13-month high on Friday as investors assessed the outlook for the Federal Reserve's interest rate path and uncertainty in Europe kept the euro on the back foot, while bitcoin eyed the $100,000 level. The yen, meanwhile, held its ground against the greenback after domestic core inflation figures remained …

Liberal economist Larry Summers issues frightening warning about inflation to Americans following Trump's election
1 month, 1 week ago

Liberal economist Larry Summers issues frightening warning about inflation to Americans following Trump's election

Daily Mail  

Liberal economist Larry Summers warned that inflation is still not fixed and that a Trump administration could make things even worse. Liberal economist Larry Summers warned that inflation is still not fixed and that a Trump administration could make things even worse Summers is worried that President-elect Donald Trump may only make 'Bidenflation' worse The central bank made a 25 …

Fed’s Powell: Rate cuts are still underway, but there’s no hurry
1 month, 1 week ago

Fed’s Powell: Rate cuts are still underway, but there’s no hurry

CNN  

Washington CNN — Federal Reserve Chair Jerome Powell said Thursday that interest rates are still expected to decline further, but suggested they might not be that much lower over the next few months. Powell said in a moderated discussion that Fed economists may begin to assess Trump’s plans and how they could affect the economy more seriously as early as …

US Fed cuts interest rates by quarter of a percentage point
Top News
1 month, 2 weeks ago

US Fed cuts interest rates by quarter of a percentage point

Al Jazeera  

The Fed will have to navigate a changing economic landscape with the election of Donald Trump as the next US president. The United States Federal Reserve has cut interest rates by a quarter of a percentage point as policymakers took note of a job market that has “generally eased” while inflation continues to move towards the central bank’s 2 percent …

Takeaways from Fed Chair Powell’s speech at Jackson Hole
4 months ago

Takeaways from Fed Chair Powell’s speech at Jackson Hole

Associated Press  

WASHINGTON — Federal Reserve Chair Jerome Powell all but proclaimed victory in the fight against inflation and signaled that interest rate cuts are coming in a much-anticipated speech Friday in Jackson Hole, Wyoming. Inflation has come down steadily, and investors now expect the Fed to start cutting rates at its next meeting in September — an expectation that essentially got …

Federal Reserve Chief Powell: 'The Time Has Come' To Start Cutting Interest Rates
4 months ago

Federal Reserve Chief Powell: 'The Time Has Come' To Start Cutting Interest Rates

Huff Post  

LOADING ERROR LOADING JACKSON HOLE, Wyoming — With inflation nearly defeated and the job market cooling, the Federal Reserve is prepared to start cutting its key interest rate from its current 23-year high, Chair Jerome Powell said Friday. “The time has come for policy to adjust,” Powell said in his keynote speech at the Fed’s annual economic conference in Jackson …

Fears US economy headed towards recession spark jitters across global markets
4 months, 3 weeks ago

Fears US economy headed towards recession spark jitters across global markets

ABC  

There are genuine concerns the world's largest economy is heading toward a recession, and the fear is gripping global financial markets. "Shares went sky high into July on the back of better news on inflation, increasing optimism about lower interest rates ahead and optimism about IT and AI-related earnings," Mr Oliver, who manages $3 billion in investments, said. The US …

Fed Chair under fire: Economists blame high interest rates for ‘weak’ jobs report
4 months, 3 weeks ago

Fed Chair under fire: Economists blame high interest rates for ‘weak’ jobs report

Raw Story  

Economists are blaming Federal Reserve Chairman Jerome Powell after the July jobs report saw unemployment jump up to 4.3%, from 4.1% in June. The Fed has been praised for the "soft landing" it engineered by raising interest rates and keeping them high, avoiding a recession and performing better overall than any of the G7 countries in the wake of the …

Buckle up: Wall Street’s shaky July could be a preview for more sharp swings
4 months, 3 weeks ago

Buckle up: Wall Street’s shaky July could be a preview for more sharp swings

Associated Press  

NEW YORK — For more than a year, the U.S. stock market went in mostly one direction, up, and in mostly one manner, quietly. A bonanza around artificial-intelligence technology helped drive Big Tech stocks higher, while other areas of the market held up amid rising hopes for coming cuts to interest rates by the Federal Reserve. A measure of fear …

Stock market today: Wall Street rolls to the edge of records as hopes remain for cuts to rates
5 months, 1 week ago

Stock market today: Wall Street rolls to the edge of records as hopes remain for cuts to rates

Associated Press  

NEW YORK — U.S. stocks rose Friday after some mixed signals on big banks’ profits and inflation did little to dent Wall Street’s belief that easier interest rates are on the way. In the bond market, which has been home to some of Wall Street’s strongest action this week, Treasury yields yo-yoed after the release of the latest update on …

Powell stresses message that US job market is cooling, a possible signal of coming rate cut
5 months, 2 weeks ago

Powell stresses message that US job market is cooling, a possible signal of coming rate cut

Associated Press  

WASHINGTON — Federal Reserve Chair Jerome Powell on Wednesday reinforced a message that the Fed is paying growing attention to a slowing job market and not only to taming inflation, a shift that signals it’s likely to begin cutting interest rates soon. “We also have an employment mandate.” On Tuesday, when Powell addressed the Senate Banking Committee, he suggested that …

Why property and stock markets are thumbing their noses at rate hikes
5 months, 3 weeks ago

Why property and stock markets are thumbing their noses at rate hikes

ABC  

This time it's different. Photo shows RBA governor Michele Bullock at press conference Rate rise after rate rise should have sent the economy into a tailspin, but the RBA isn't fighting a textbook case of inflation. And it's seen central bankers scrambling to try to nut out just why developed economies aren't reacting to interest rate hikes the way they …

The Fed Thinks Time is on Its Side. That Could Get Awkward.
7 months, 3 weeks ago

The Fed Thinks Time is on Its Side. That Could Get Awkward.

Politico  

That combination of factors could stick around well into 2024, steadily pushing back the timeline for the first rate cut and prolonging the threat that the high price of debt will break something. Former President Donald Trump, who appointed Powell as chair, has already said the central bank chief will lower rates this year to “help Democrats” and will surely …

Right-wingers plot to give Trump control over Federal Reserve if reelected
7 months, 4 weeks ago

Right-wingers plot to give Trump control over Federal Reserve if reelected

Raw Story  

Right-wing allies of former U.S. President Donald Trump are reportedly crafting a plan to give the executive branch control over Federal Reserve policy decisions, an effort that comes as the presumptive GOP nominee continues to signal his authoritarian intentions for a potential second term. "A small group of the president's allies—whose work is so secretive that even some prominent former …

Powell says Fed wants to see ‘more good inflation readings’ before it can cut rates
8 months, 3 weeks ago

Powell says Fed wants to see ‘more good inflation readings’ before it can cut rates

Associated Press  

WASHINGTON — Federal Reserve Chair Jerome Powell on Friday reiterated a message he has sounded in recent weeks: While the Fed expects to cut interest rates this year, it won’t be ready to do so until it sees “more good inflation readings’’ and is more confident that annual price increases are falling toward its 2% target. Speaking at a conference …

Federal Reserve is likely to preach patience as consumers and markets look ahead to rate cuts
9 months, 1 week ago

Federal Reserve is likely to preach patience as consumers and markets look ahead to rate cuts

Associated Press  

WASHINGTON — Across the United States, many people are eagerly anticipating the Federal Reserve’s first cut to its benchmark interest rate this year: Prospective home buyers hope for lower mortgage rates. Excluding volatile food and energy costs, so-called “core” prices rose at a monthly pace of 0.4% in both January and February, a pace far higher than is consistent with …

Federal Reserve minutes: Officials worried that progress on inflation could stall in coming months
10 months ago

Federal Reserve minutes: Officials worried that progress on inflation could stall in coming months

Associated Press  

WASHINGTON — Federal Reserve officials acknowledged at their most recent meeting in January that there had been “significant progress” in reducing U.S. inflation. In minutes from the Jan. 30-31 meeting released Wednesday, most Fed officials also said they were worried about moving too fast to cut their benchmark interest rate before it was clear that inflation was sustainably returning to …

Inflation has slowed. Now the Federal Reserve faces expectations for rate cuts
10 months, 3 weeks ago

Inflation has slowed. Now the Federal Reserve faces expectations for rate cuts

Associated Press  

WASHINGTON — Chair Jerome Powell will enter this week’s Federal Reserve meeting in a much more desirable position than he likely ever expected: Inflation is getting close to the Fed’s target rate, the economy is still growing at a healthy pace, consumers keep spending and the unemployment rate is near a half-century low. The Fed’s consideration of rate cuts is …

Financial markets are jonesing for interest rate cuts. Not so fast, says the European Central Bank
11 months ago

Financial markets are jonesing for interest rate cuts. Not so fast, says the European Central Bank

Associated Press  

FRANKFURT, Germany — European Central Bank President Christine Lagarde pushed back Thursday against market expectations for quick interest rate cuts even as Europe’s economy sputters and financial markets froth in hopes of cheaper credit that would boost business activity and stock prices. was that it was premature to discuss rate cuts.” Financial markets have been expecting a cut as early …

Fed to begin rate cut discussions but avoid teeing first one up
11 months ago

Fed to begin rate cut discussions but avoid teeing first one up

Live Mint  

Federal Reserve Chairman Jerome Powell and his colleagues could be forgiven if they’re feeling a bit like parents on an extended road trip with their children. San Francisco Fed President Mary Daly on Friday said it’s “premature” to think interest-rate cuts are around the corner, noting she needs to see more evidence that inflation is on a consistent trajectory back …

Federal Reserve minutes: Officials saw inflation cooling but were cautious about timing of rate cuts
11 months, 3 weeks ago

Federal Reserve minutes: Officials saw inflation cooling but were cautious about timing of rate cuts

Associated Press  

WASHINGTON — The Federal Reserve’s policymakers concluded last month that inflationary pressures were easing and that the job market was cooling. According to the minutes of their Dec. 12-13 meeting released Wednesday, Fed officials indicated in their own interest-rate forecasts that a lower benchmark rate “would be appropriate by the end of 2024'’ given “clear progress’’ toward taming inflation. And …

Fed’s Powell notes inflation is easing but downplays discussion of interest rate cuts
1 year ago

Fed’s Powell notes inflation is easing but downplays discussion of interest rate cuts

Associated Press  

WASHINGTON — Inflation is slowing steadily, but it’s too early to declare victory or to discuss when the Federal Reserve might cut interest rates, Chair Jerome Powell said Friday. Nor is it time to “speculate on when policy might ease,” Powell said, referring to the possibility of cuts in the Fed’s benchmark interest rate, which affects many consumer and business …

Slower economic growth, rate hikes needed to bring inflation under 2%: Powell
1 year, 2 months ago

Slower economic growth, rate hikes needed to bring inflation under 2%: Powell

Live Mint  

Federal Reserve Chair Jerome Powell said on Thursday, October 19, that inflation in the US remains too high and bringing it down to the Fed's 2 per cent target level will likely require a slower-growing economy and job market. More rate hikes to battle high inflation Powell underscored lingering theme at the US central bank and explained that despite a …

A Soft Landing in the U.S. Could Be Hard for Everyone Else
1 year, 2 months ago

A Soft Landing in the U.S. Could Be Hard for Everyone Else

Live Mint  

The U.S. economy might be heading for a soft landing. Surprising strength in the U.S. economy poses a threat to the rest of the world, portending higher interest rates for longer and a stronger dollar that will weigh on other countries’ growth. Fragmentation Strong U.S. economic data, including September’s blockbuster hiring report, helped send Treasury yields to 16-year highs as …

US labor market added 336,000 jobs in September - DOUBLE analysts' predictions - sending markets plunging as investors fear more Fed rate hikes for overheated economy
1 year, 2 months ago

US labor market added 336,000 jobs in September - DOUBLE analysts' predictions - sending markets plunging as investors fear more Fed rate hikes for overheated economy

Daily Mail  

Despite the job gains, wage growth was down and unemployment steady September's labor report showed a sharp uptick in new jobs, heating up the Fed's battle to curb inflation. The US economy added 336,000 jobs last month, nearly twice economists' expectations of 170,000, and the largest jump since January, the U.S. Bureau of Labor Statistics reported. Following Friday's report, markets …

U.S. employers added a surprisingly strong 336,000 jobs in September in a sign of economic resilience
1 year, 2 months ago

U.S. employers added a surprisingly strong 336,000 jobs in September in a sign of economic resilience

Politico  

The job market has defied an array of threats this year, notably high inflation and the rapid series of Fed interest rate hikes that were intended to conquer it. Though the Fed’s hikes have made loans much costlier, steady job growth has helped fuel consumer spending and kept the economy growing. Job growth has remained resilient for most of the …

JPMorgan boss Jamie Dimon warns 7% interest rates would cripple the global economy as the Fed holds the line at 5.5%: 'You find out who is swimming naked when that tide goes out'
1 year, 2 months ago

JPMorgan boss Jamie Dimon warns 7% interest rates would cripple the global economy as the Fed holds the line at 5.5%: 'You find out who is swimming naked when that tide goes out'

Daily Mail  

The boss of JPMorgan has warned that the worst of the interest rate pain may still be ahead for businesses and families already scarred by an historic round of hikes. JPMorgan chief Jamie Dimon said that the Fed was forced to hold on another hike at its latest meeting because the effect of a jump to 5 to 7 percent …

Why the US job market has defied rising interest rates and expectations of high unemployment
1 year, 3 months ago

Why the US job market has defied rising interest rates and expectations of high unemployment

Associated Press  

WASHINGTON — Last year’s spike in inflation, to the highest level in four decades, was painful enough for American households. Grim forecasts from economists had predicted that as the Federal Reserve jacked up its benchmark rate ever higher, consumers and businesses would curb spending, companies would slash jobs and unemployment would spike as high as 7% or more — twice …

Fed keeps rates unchanged and signals optimism about a potential ‘soft landing’
1 year, 3 months ago

Fed keeps rates unchanged and signals optimism about a potential ‘soft landing’

Associated Press  

WASHINGTON — The Federal Reserve left its benchmark interest rate unchanged Wednesday for the second time in its past three meetings, a sign that it’s moderating its fight against inflation as price pressures have eased. The Fed’s policymakers also signaled that they expect to raise rates once more this year and envision their key rate staying higher in 2024 than …

Fed leaves rates unchanged but hints at future hike
1 year, 3 months ago

Fed leaves rates unchanged but hints at future hike

The Telegraph  

The Federal Reserve has refrained from raising interest rates further from a 22-year-high, as it nears the end of its most aggressive inflation fight in decades. The decision will keep its benchmark rate at a target range of 5.25pc to 5.50pc, but Chair Jerome Powell warned it was too early to say the battle against inflation was won. He told …

Federal Reserve minutes: Too-high inflation, still a threat, could require more rate hikes
1 year, 4 months ago

Federal Reserve minutes: Too-high inflation, still a threat, could require more rate hikes

Associated Press  

WASHINGTON — Most Federal Reserve officials last month still regarded high inflation as an ongoing threat that could require further interest rate increases, according to the minutes of their July 25-26 meeting released Wednesday. At the same time, the officials saw “a number of tentative signs that inflation pressures could be abating.” It was a mixed view that echoed Chair …

Key question as Federal Reserve meets: Can the central bank pull off a difficult ‘soft landing’?
1 year, 5 months ago

Key question as Federal Reserve meets: Can the central bank pull off a difficult ‘soft landing’?

Associated Press  

WASHINGTON — When Chair Jerome Powell and other Federal Reserve officials gather this week for their latest decision on interest rates, they will do so on the cusp of achieving an elusive “soft landing” — the feat of curbing inflation without causing a deep recession. “I would have been not super-optimistic about a soft landing a few months ago,” said …

After brief pause, Federal Reserve looks poised to raise interest rates again
1 year, 5 months ago

After brief pause, Federal Reserve looks poised to raise interest rates again

CBS News  

Fed chair expects more rate hikes Fed chair expects more rate hikes amid inflation fight 04:07 The Federal Reserve appears likely to raise its key interest rate next week, with minutes from the central bank's most recent meeting showing some officials wanted to raise rates last month. While the Fed's rate-setting body ultimately skipped hiking rates in June, minutes of …

Top central bankers assert need for higher interest rates to tackle persistent inflation
1 year, 5 months ago

Top central bankers assert need for higher interest rates to tackle persistent inflation

Associated Press  

FRANKFURT, Germany — Leading global central bankers asserted Wednesday that they are not backing off their steep interest rate increases, pointing to inflation being more persistent than expected but still downplaying fears of recession from their hikes. “We have to be resolute and decided and determined in reaching the target that we have set.” Despite rapid rate increases, Powell said …

US Fed: More rate hikes are likely this year to fight inflation
1 year, 6 months ago

US Fed: More rate hikes are likely this year to fight inflation

Al Jazeera  

‘Process of getting inflation back down to 2% has a long way to go,’ central bank chief Powell tells a congressional committee. Even with more increases expected, the Fed last week kept interest rates unchanged after 10 straight hikes so it could take time to gauge how higher borrowing rates have affected the economy, Powell said. Asked on Wednesday to …

Fed’s Powell: More rate hikes are likely this year to fight still-high inflation
1 year, 6 months ago

Fed’s Powell: More rate hikes are likely this year to fight still-high inflation

Associated Press  

WASHINGTON — With inflation in the United States still excessive, most Federal Reserve officials expect to raise interest rates further this year, Chair Jerome Powell told a House committee Wednesday. Even so, the Fed last week kept interest rates unchanged after 10 straight hikes so it could take time to gauge how higher borrowing rates have affected the economy, Powell …

Federal Reserve Chair Powell hints at a pause in rate hikes when central bank meets next month
1 year, 7 months ago

Federal Reserve Chair Powell hints at a pause in rate hikes when central bank meets next month

Associated Press  

WASHINGTON — Chair Jerome Powell indicated Friday that the Federal Reserve will likely forgo an increase in its benchmark interest rate when it meets in June for the first time since it began raising its key rate 14 months ago to fight high inflation. Speaking at a Fed conference in Washington, Powell said the central bank’s benchmark rate, which affects …

Hike again? Take a pause? Fed officials are split about what to do next to fight inflation
1 year, 7 months ago

Hike again? Take a pause? Fed officials are split about what to do next to fight inflation

Associated Press  

WASHINGTON — The stubbornness of high inflation is dividing the Federal Reserve over how to manage interest rates in the coming months, leaving the outlook for the Fed’s policies cloudier than at any time since it unleashed a streak of 10 straight rate hikes beginning in March 2022. “As of today, though, we aren’t there yet.” On inflation, she said, …

Fed raises key rate but hints it may pause amid bank turmoil
1 year, 7 months ago

Fed raises key rate but hints it may pause amid bank turmoil

Associated Press  

WASHINGTON — The Federal Reserve reinforced its fight against high inflation Wednesday by raising its key interest rate by a quarter-point to the highest level in 16 years. Having raised their key short-term rate by a substantial 5 percentage points since March 2022, Powell said, Fed officials can step back and assess the impact of higher rates on growth and …

Fed Raises Key Rate But Hints It May Pause Amid Bank Turmoil
1 year, 7 months ago

Fed Raises Key Rate But Hints It May Pause Amid Bank Turmoil

Huff Post  

Federal Reserve Board Chair Jerome Powell speaks during a news conference at the Federal Reserve in Washington, DC, on May 3, 2023. Having raised their key short-term rate by a substantial 5 percentage points since March 2022, Powell said, Fed officials can step back and assess the impact of higher rates on growth and inflation. When asked whether the Fed’s …

Federal Reserve hikes interest rates another 0.25 points to 5.25%
1 year, 7 months ago

Federal Reserve hikes interest rates another 0.25 points to 5.25%

Daily Mail  

The Federal Reserve has raised its benchmark lending rate for a 10th consecutive time, as it pushes to fight inflation while seeking to prevent fresh banking concerns from spreading. As was widely expected, the US central bank announced another quarter-point rate increase on Wednesday, bringing its policy rate to a range of 5 percent to 5.25 percent. The US central …

Bank turmoil led Fed officials to forecast fewer rate hikes
1 year, 8 months ago

Bank turmoil led Fed officials to forecast fewer rate hikes

Associated Press  

WASHINGTON — Turmoil in the banking system after two major banks collapsed led many Federal Reserve officials to envision fewer rate increases this year out of concern that banks will reduce their lending and weaken the economy. At their meeting last month, Fed officials projected that they will raise their benchmark short-term rate — which affects many consumer and business …

Lessons from the US bank crisis
1 year, 8 months ago

Lessons from the US bank crisis

Hindustan Times  

Last week ended with the United States Federal Reserve raising interest rates by 25 basis points once again, taking the cumulative rate increase to 4.75 percentage points in the current cycle. Had the latest federal open market committee meeting not been preceded by two bank failures and the possibility of a crisis in many others, the rate hike would have …

Fed’s tough challenge: Confront inflation and bank jitters
1 year, 9 months ago

Fed’s tough challenge: Confront inflation and bank jitters

Associated Press  

WASHINGTON — Still grappling with persistently high inflation, the Federal Reserve faces an entirely new — and in some ways conflicting — challenge as it meets to consider interest rates this week: How to restore calm to a nervous banking system. Last week, the European Central Bank imposed a half-point rate hike to try to reduce an 8.5% inflation rate …

U.S. Fed to balance banking woes, inflation in next rate decision
1 year, 9 months ago

U.S. Fed to balance banking woes, inflation in next rate decision

Raw Story  

WASHINGTON — U.S. central bankers face an unenviable task when they gather in Washington next week: tackling persistent inflation without adding to financial sector turmoil after Silicon Valley Bank's rapid collapse. While Fed Chair Jerome Powell earlier signaled willingness to speed up interest rate hikes if needed, most analysts and traders see a small rise of 25 basis points as …

U.S. inflation eases but stays high, putting Fed in tough spot
1 year, 9 months ago

U.S. inflation eases but stays high, putting Fed in tough spot

LA Times  

U.S. consumer price increases eased slightly from January to February but still pointed to an elevated inflation rate that is posing a challenge for the Federal Reserve at a delicate moment for the financial system. Even though prices are rising much faster than the Fed wants, some economists expect the central bank to suspend its year-long streak of interest rate …

US Fed's Powell Sets The Table for Higher, Possibly Faster Rate Hikes
1 year, 9 months ago

US Fed's Powell Sets The Table for Higher, Possibly Faster Rate Hikes

News 18  

The Federal Reserve will likely need to raise interest rates more than expected in response to recent strong data and is prepared to move in larger steps if the “totality” of incoming information suggests tougher measures are needed to control inflation, Fed Chair Jerome Powell told US lawmakers on Tuesday. Democrats on the committee focused on the role high corporate …

US Fed still up in the air on speeding up rate hikes: Powell
1 year, 9 months ago

US Fed still up in the air on speeding up rate hikes: Powell

Al Jazeera  

US Fed chief says that while higher and faster rate hikes are possible, it hinges on upcoming jobs and inflation data. Federal Reserve Chair Jerome Powell on Wednesday reaffirmed his message of higher and potentially faster interest rate hikes, but emphasised that debate was still under way, with a decision hinging on data to be issued before the United States …

Powell signals increased rate hikes if economy stays strong
1 year, 9 months ago

Powell signals increased rate hikes if economy stays strong

Associated Press  

WASHINGTON — The Federal Reserve could increase the size of its interest rate hikes and raise borrowing costs to higher levels than previously projected if evidence continues to point to a robust economy and persistently high inflation, Chair Jerome Powell told a Senate panel Tuesday. “If the totality of the data were to indicate that faster tightening is warranted, we …

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