US Federal Reserve Chairman Jerome Powell said he tends to support a 25 basis point interest rate increase at the March monetary policy meeting, but said the bank is ready to move more aggressively later if inflation does not subside as expected.
“I am inclined to suggest and support a 25 basis point rate hike,” he said in his testimony before Congress on Wednesday regarding the upcoming Federal Reserve meeting in March.
He added that the central bank “is prepared to move more aggressively by raising the federal funds rate by more than 25 basis points” at one or more meetings if inflation does not decline later this year as expected.
(Archyde.com)
