Fed's Powell: Strong hiring could force further rate hikes
February 8, 2023
WASHINGTON (AP) — Federal Reserve Chair Jerome Powell said Tuesday that if the U.S. job market further strengthens in the coming months or inflation readings accelerate, the Fed might have to raise its benchmark interest rate higher than it now projects.
Powell's remarks followed the government's blockbuster report last week that employers added 517,000 jobs in January, nearly double December's gain. The unemployment rate fell to its lowest level in 53 years, 3.4%.
"The reality is if we continue to get strong labor market reports or higher inflation reports, it might be the case that we h...