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Fed Powell: Ongoing rate increases will be appropriate

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In the prepared remarks for his semi annual testimony to Congress, Fed chair Jerome Powell said, “over coming months, we will be looking for compelling evidence that inflation is moving down”.

“We anticipate that ongoing rate increases will be appropriate; the pace of those changes will continue to depend on the incoming data and the evolving outlook for the economy”, he added. The decisions will be made “meeting by meeting.

Full remarks here.

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