In his second day of testimony before the Senate Banking Committee, Federal Reserve Chair Jerome Powell reiterated that the board is considering more interest rate hikes.

<div class="block">In his second day of testimony before the Senate Banking Committee, Federal Reserve Chair Jerome Powell reiterated that the board is considering more interest rate hikes.</div>

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Fed Chair Jerome Powell Predicts Further Rate Hikes

And now to the business headlines, you need to know today is Federal Chair Jerome Powell's second day of congressional testimony and today's testimony before the Senate banking committee, Powell reiterated that the board is considering further interest rate hikes later this year. The committee broadly feels that while monetary policy has gotten to an appropriately restrictive level, um if the economy performs about as expected, that it will be appropriate to raise hikes again this year and perhaps twice, a strong majority of the committee feels that it will be appropriate again, assuming that the economy performs as expected two times before the end of this year. Ah not again, say it ain't. So while Powell also spoke about the need to learn from recent banking failures, we are committed and I am personally committed to learning the right lessons from what happened in uh Silicon Valley Bank and the other two failures and implementing vigorously implementing appropriately. I I think there's a clear need to strengthen both supervision and regulation of banks of that size. What we saw was an unexpected bank failure overnight led to contagion and and threatened the broader banking system and that's not supposed to happen. And we're going, we're going to take appropriate measures to reduce the chances of something like today's testimony comes after Powell spoke before the House Financial Services Committee yesterday.