The Washington Post

Bank says more hikes needed to curb costs


The Federal Reserve said that further interest-rate hikes would be required to restore price stability.

“The committee is strongly committed to returning inflation to its 2 percent objective,” the Fed said in its semiannual report to Congress released Friday. Officials expect that “ongoing increases in the target range will be appropriat­e in order to attain a stance of monetary policy that is sufficient­ly restrictiv­e.”

The Fed report, which provides lawmakers with an update on economic and financial developmen­ts and monetary policy, was published on the central bank’s website ahead of Chair Jerome H. Powell’s testimony before the Senate Banking panel on Tuesday and the House Financial Services Committee a day later.

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