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Watch Powell’s testimony to Congress on the Fed’s inflation battle, state of the economic system

[The stream is set to start at 9:30 a.m. ET]

Federal Reserve Chair Jerome Powell on Wednesday started two days of testimony in entrance of Congress.

The central financial institution chief is predicted to supply updates on the state of the economic system and on how the Fed plans to curb inflationary pressures not seen because the early 1980s.

The buyer value index final month rose by 8.6%, its highest improve since December 1981.

Earlier this month, the Fed hiked charges by 75 foundation factors, or 0.75 proportion level. “Clearly, as we speak’s 75 foundation level improve is an unusually giant one, and I don’t anticipate strikes of this measurement to be widespread,” Powell mentioned then. He added, nevertheless, that he sees the central financial institution elevating charges by one other 50 or 75 foundation factors subsequent month.

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