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Federal Reserve Chair Jerome Powell on Wednesday began two days of testimony in front of Congress.
The central bank chief is expected to provide updates on the state of the economy and on how the Fed plans to curb inflationary pressures not seen since the early 1980s.
The consumer price index last month rose by 8.6%, its highest increase since December 1981.
Earlier this month, the Fed hiked rates by 75 basis points, or 0.75 percentage point. “Clearly, today’s 75 basis point increase is an unusually large one, and I do not expect moves of this size to be common,” Powell said then. He added, however, that he sees the central bank raising rates by another 50 or 75 basis points next month.
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