Jay Powell sought to alleviate fears about an impending recession even as he warned that further surprises on inflation could be in store.
In testimony to the Senate banking committee on Wednesday, the US Federal Reserve chair said the economy could handle significantly tighter monetary policy, as he stressed the central bank’s commitment to root out the highest inflation in four decades.
But concerns about a possible recession have grown more pronounced in recent weeks as inflation data have come in worse than expected.
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