this week that a very strong job market, along with robust consumer spending and stubbornly high inflation, could prompt the central bank to raise interest rates higher – and more rapidly – than had been expected late last year."The process of getting inflation back down to 2% has a long way to go and is likely to be bumpy," Powell told the Senate Banking Committee Tuesday.
Historically, when the Fed tries to curb inflation by raising interest rates, it results in higher unemployment, but past experience may not be so helpful in the current environment.