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Federal Reserve Chairman Jerome Powell began two days of testimony before Congress on Wednesday.
The central bank chief is expected to provide updates on the state of the economy and how the Fed plans to rein in inflationary pressures not seen since the early 1980s.
The consumer price index rose 8.6% last month, its largest increase since December 1981.
Earlier this month, the Fed raised rates by 75 basis points, or 0.75 percentage points. “Obviously today’s 75 basis point increase is exceptionally largeand I don’t expect moves of this magnitude to be common,” Powell said at the time. He added, however, that he expected the central bank to raise rates another 50 or 75 basis points next month. .
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