Fed Chairman Powell says rates could be hiked by 0.75 again in July

US central bank has the 'tools' to lower inflation, he says

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Published: Wed 15 Jun 2022, 10:53 PM

The US central bank is committed to bringing down high American inflation and could hike the benchmark interest rate by another 0.75 percentage points in July, Federal Reserve Chair Jerome Powell said Wednesday.

"Clearly, today's 75 basis point increase is an unusually large one and... either a 50-basis-point or a 75-basis-point increase seems most likely at our next meeting," Powell told reporters.

He said the Fed has the "tools" and the "resolve" to do what it takes to lower inflation from the highest level in more than 40 years.

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