“Inflation has obviously been on the upside over the past year, and further surprises may come,” Fed Chairman Jerome Powell said in a prescribed speech to the U.S. Senate on Wednesday.
The figure is largely a repetition of what he said in connection with the Federal Reserve raising interest rates by 0.75 percentage points last week, the largest increase since 1994. He then said that a further increase by 0.75 percentage points or 0.50 percentage points are in the cards at the next interest rate meeting at the end of July.
In Wednesday’s speech, Powell does not mention how big the next increase will be.