The Federal Reserve Chairman Jerome Powell said in the Capitol Hill today that the Fed is prepared to increase pace of the rate hikes if needed.
He reminded that the latest economic data has been stronger than expected. It might be that the ultimate rate peak might be higher than earlier expected.
– Over the past year we have taken forceful actions to tighten the stance of monetary policy. We have raised interest rates by 4 1/2 percentage points over the past year, he said.
After the speech and the early trading the stocks have increased the slide and Nasdaq-index was trading down 0,73%, S&P 500 index down 0,94% and Dow Jones index was trading down 0,87%.
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