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Fed Chair Jerome Powell Returns to Congress for Second Day of Hearings
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WASHINGTON—Federal Reserve Chair Jerome Powell returns to Capitol Hill on Wednesday for a second day of testimony after he told lawmakers Tuesday that the central bank would consider raising interest rates by a larger half-percentage-point later this month.
Mr. Powell also told a Senate committee on Tuesday that Fed officials were likely to lift rates higher this year than previously expected to bring inflation under control. In December, most of them thought they would raise their benchmark federal-funds rate this year to between 5% and 5.5% and hold it there into 2024.
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