Federal Reserve Chair Jerome Powell made it clear that the Federal Reserve is planning to raise rates higher and faster than previously thought due to recent signs of economic strength, The New York Times reported March 7.
In his remarks before the Senate Banking Committee, Mr. Powell said it was "very likely" that the Fed's campaign against inflation would come at some cost to the labor market.
"The process of getting inflation back down to 2 percent has a long way to go and is likely to be bumpy," Mr. Powell said in his remarks. "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."