Jerome Powell Says Fed Is Prepared to Speed Up Interest-Rate
WASHINGTON—Federal Reserve Chair Jerome Powell opened the door to a larger half-point interest-rate increase this month and said officials are likely to lift rates higher than they previously expected to combat inflation in a stronger economy.
Mr. Powell’s comments Tuesday, during the first of two days of Capitol Hill hearings, offered his first public acknowledgment that data showing hotter inflation and hiring could lead Fed officials to alter their recent strategy of raising rates in smaller quarter-point increments.
“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,” Mr. Powell told the Senate Banking Committee. “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.”
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