Powell Says Further Rate Hikes Needed

“Federal Reserve Chair Jerome Powell stuck to his message that interest rates need to keep rising to quash inflation and this time, the bond market listened,” Bloomberg reports.

“In particular, Powell floated the idea during an event in Washington on Tuesday that borrowing costs may reach a higher peak than traders and policymakers anticipate. The talk was Powell’s first since last Wednesday, following the Fed’s decision to raise rates by a quarter point, when markets shook off his warning that rates were headed up and rallied anyway.”