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Federal Reserve Chair Jerome Powell took on a more hawkish stance as he testified before the U.S. Senate Banking Committee. Powell talked about a more aggressive tapering approach and highlighted problematic inflation.
Powell revealed that the U.S. central bank would consider wrapping up its tapering of asset purchases a few months earlier.
“At our next meeting, it is appropriate for us to discuss whether to wrap up our asset purchases a few months earlier,” he said. “We’ve seen elevated inflation pressures, strong labor market data, and strong spending data. Every dollar of asset purchases does increase accommodation. The U.S. economy is strong and inflationary pressures are high.”
Powell also stated that it is best to drop the term “inflation is transitory,” adding that the risk of more persistent inflation is higher.
Treasury Secretary Janet Yellen testified alongside Powell, stressing the debt ceiling issue and warning that failure to act in time would lead to a deep recession.
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