The Fed said in its semi-annual monetary report to Congress that additional interest rate hikes are necessary with inflation remaining abnormally high.
consumer price index
rose 0.5% in January, the most in three months. The annual inflation rate also surprised to the upside at 6.4%. That data has prompted some traders to reexamine their rate hike expectations for the year, with a growingnow betting the Fed could raise rates higher than previously projected.
"I want to be completely clear: There is a case to be made that we need to go higher," Atlanta Fed President Raphael Bostic told reporters Thursday. "Jobs have come in stronger than we expected. Inflation is remaining stubborn at elevated levels. Consumer spending is strong. Labor markets remain quite tight.
Republicans are expected to question Powell – who just two years ago classified inflation as transitory and likely to subside soon – for misjudging the price spike and urge him to continue tightening monetary policy. GOP lawmakers will likely also try to get Powell to agree that
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