Federal Reserve Chair Jerome Powell said that additional interest-rate increases will be needed to cool inflation, and that 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 labor market is extraordinarily strong." If the job situation remains very hot, "it may well be the case that we have to do more," he said.
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