Watch Fed Chair Jerome Powell speak live to Senate banking panel
Powell appears Thursday on Capitol Hill for the second day of his testimony on monetary policy.
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Federal Reserve Chair Jerome Powell appears Thursday on Capitol Hill for the second day of his testimony on monetary policy. The central bank leader will appear before the Senate Banking Committee after speaking Wednesday to the House Financial Services Committee.
In remarks Wednesday, Powell cautioned that he and all other members of the rate-setting Federal Open Market Committee expect to raise interest rates further to bring down inflation. The only concession he made was that it appears the Fed won't move at the blistering pace that had characterized the prior 10 rate hikes since March 2022.
"Given how far we've come, it may make sense to move rates higher but to do so at a more moderate pace," he said during the question-and-answer session with committee members.
Committee members questioned Powell on a variety of other topics, including the banking tumult in March. He acknowledged that the Fed needs to shore up its regulatory and supervisory practices.
Read more:
Powell expects more Fed rate hikes ahead as inflation fight 'has a long way to go'
Bank of England surprises with 50 basis point rate hike to tackle persistent inflation
Fed holds off on rate hike, but says two more are coming later this year
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