Federal Reserve Chairman Jerome Powell didn’t sound much more hawkish than usual Tuesday when he testified on Capitol Hill, but give him credit for continually pointing out the inflation reality. The markets didn’t like what he had to say, with the Dow Jones Industrial Average falling 575 points, or 1.7%, but Mr. Powell knows he can’t let up now.
“The latest economic data have come in stronger than expected, which suggests that the ultimate level of interest rates is likely to be higher than previously anticipated,” Mr. Powell said. “If the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes.” In other words, the Fed could go higher and faster than it has already telegraphed.
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