Federal Reserve Chairman Jerome Powell sent a clear message during his U.S. Senate speech on Tuesday morning: Fed officials are likely to deliver higher rate hikes than previously expected to combat persistent inflation. 

“As I mentioned, 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,” Powell said. “If the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes. Restoring price stability will likely require we maintain a restrictive details ⇒

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