Federal Reserve Chairman Jerome Powell is set to return to Capitol Hill on Thursday morning for the second of two days of testimony, this time before the House Financial Services Committee.

Before a Senate panel on Wednesday, Mr. Powell said the central bank’s battle against inflation could lead it to raise interest rates high enough to cause a recession. “It’s not our intended outcome at all, but it’s certainly a possibility,” Mr. Powell said before the Senate Banking Committee. “We are not trying to provoke and do not think we will need to provoke a recession, but we do think it’s absolutely essential” to bring down inflation, which is running at a 40-year high.

This post first appeared on wsj.com

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Travis Kelce donates $100,000 to 2 kids shot during Chiefs Super Bowl parade

Travis Kelce is helping the surviving victims of the shooting at the…

Commercial lobster diver survives terrifying moments inside whale’s mouth

A commercial lobster diver cheated death on Friday after nearly being swallowed…

Why Southwest Airlines could be vulnerable to mass disruptions

Southwest Airlines passengers faced more travel woes Monday as hundreds of flights…

Jeff Zucker’s abrupt resignation ends reign of a media titan — at least for now

“I was required to disclose it when it began but I didn’t.…