Federal Reserve Governor of the United States (US) Jerome Powell said on Tuesday, 11/1, that his party will raise interest rates sooner than originally planned if necessary to stem the rising price of key commodity prices.
This effort will do so after the Central Bank predicts that high inflation will threaten the labor market to return to a healthy state.
At the hearing on the Senate Banking Committee, Powell said, “If we have to raise interest rates more over time, then we will.” said. The committee is considering re-election to a second term that will last four years.
Although economists expect four increases in 2022, Fed officials have predicted three increases in the main interest rate this year. [jm/em]