Powell’s planned remarks also point to the Fed’s first interest rate hike of the covid era, slated for policymakers’ next meeting in mid-March. Over two days of testimony this week, Powell is expected to further detail the Fed’s plans around a series of interest rate hikes, along with his expectations for inflation and the job market.
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Inflation has already soared to 40-year highs, and Russia’s invasion of Ukraine has heightened uncertainty about energy prices for American consumers and broader repercussions for the global financial system.
Powell will testify before the House Financial Services Committee at 10 a.m. Wednesday. On Thursday morning, he appears before the Senate Banking Committee.
Powell and his colleagues have so far held off on specifying an exact number of rate hikes in 2022. But markets and analysts increasingly expect what could be as many as five or six hikes this year, up…