{"id":379164,"date":"2023-03-07T18:21:48","date_gmt":"2023-03-07T18:21:48","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=379164"},"modified":"2023-03-07T18:21:48","modified_gmt":"2023-03-07T18:21:48","slug":"interest-rates-may-rise-higher-than-expected-warns-fed-chair-powell","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/interest-rates-may-rise-higher-than-expected-warns-fed-chair-powell","title":{"rendered":"Interest Rates May Rise Higher Than Expected, Warns FED Chair Powell"},"content":{"rendered":"<p><span style=\"font-weight: 400\"><a href=\"https:\/\/www.federalreserve.gov\">Federal Reserve<\/a> Chairman Jerome Powell has warned that the US central bank may increase interest rates higher than expected to combat inflation.&nbsp;<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><b>What:<\/b><span style=\"font-weight: 400\"> US Federal Reserve Chairman Jerome Powell has warned that the central bank may increase interest rates higher than anticipated.<\/span><\/li>\n<li style=\"font-weight: 400\"><b>Why: <\/b><span style=\"font-weight: 400\">The Fed hopes to control inflation and stabilize the economy to address the mounting inflation pressures and supply chain disruptions affecting the country&rsquo;s economy due to the COVID-19 pandemic.&nbsp;<\/span><\/li>\n<li style=\"font-weight: 400\"><b>What next:<\/b><span style=\"font-weight: 400\"> This move could lead to slower economic growth and higher borrowing costs for consumers and businesses, but it may be necessary to bring inflation back down to the target of 2%.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">Powell spoke before the United States Senate Committee on Banking, Housing, and Urban Affairs (Senate Banking Committee). Powell said that the latest economic data had come in stronger than expected, suggesting that the ultimate level of interest rates is likely to be higher than previously anticipated. If the data indicated that fast tightening was necessary, the Fed would be prepared to increase the rate hikes. Despite recent moderation, Powell also noted that getting inflation back down to 2% will likely be bumpy.<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">&ldquo;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,&rdquo; Powell said.<\/span><\/p><\/blockquote>\n<blockquote><p><span style=\"font-weight: 400\">&ldquo;If the totality of the data were to indicate that fast tightening is warranted, we would be prepared to increase the pace of rate hikes,&rdquo; he added.&nbsp;<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">The comments come as the US economy faces rising inflation pressures and supply chain disruptions caused by the COVID-19 pandemic. The Fed&rsquo;s decision to potentially increase interest rates may help control inflation, but it could also lead to slower economic growth and higher borrowing costs for consumers and businesses.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">More News<\/span><\/h2>\n<ul>\n<li>\n<p class=\"post-title\"><a class=\"post-title-link\" href=\"https:\/\/insidebitcoins.com\/news\/us-sec-files-a-lawsuit-against-green-united-alleging-that-the-firm-sold-fake-crypto-mining-gear\">US SEC files a lawsuit against Green United alleging that the firm sold fake crypto mining gear<\/a><\/p>\n<\/li>\n<li>\n<p class=\"post-title\"><a class=\"post-title-link\" href=\"https:\/\/insidebitcoins.com\/news\/coinbases-upcoming-network-base-will-likely-feature-transaction-monitoring\">Coinbase&rsquo;s upcoming network, Base, will likely feature transaction monitoring<\/a><\/p>\n<\/li>\n<li>\n<p class=\"post-title\"><a class=\"post-title-link\" href=\"https:\/\/insidebitcoins.com\/news\/biggest-crypto-gainers-today-march-7-mana-gmx-fght-cchg-metro-taro\">Biggest Crypto Gainers Today, March 7- MANA, GMX, FGHT, CCHG, METRO, TARO<\/a><\/p>\n<\/li>\n<\/ul>\n                                        <div class=\"inContentProviderSingle inContentColor--insidebitcoins fc-row\">\n                        <div class=\"inContentProviderSingle--wrapper\">\n                            <div class=\"container\">\n                                <div class=\"row mb-lg-3\">\n                                    <div class=\"col-12 col-md-8\">\n                                        <p class=\"inContentProviderSingle--title\">Smog (SMOG) - 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