Powell says strong jobs market shows more rate hikes needed

Federal Reserve chair Jerome Powell said on Tuesday that additional interest rate increases will be needed to cool inflation and borrowing costs may need to peak higher than previously expected, if the strong jobs market persists.

“We think we are going to need to do further rate increases,” Powell said Tuesday in a question-and-answer session with David Rubenstein at the Economic Club of Washington. “The labour market is extraordinarily strong.”..A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and TimesLive Premium.

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