The U.S. Federal Reserve is 'acutely aware' of the challenges high inflation poses to the economy and is 'strongly committed' to its 2% target for price increases, the central bank said on Friday in its latest semiannual report to Congress on monetary policy and the economy.
"In response...the FOMC continued to rapidly increase interest rates and reduce its securities holdings," the report said, and also "anticipates that ongoing increases in the target range will be appropriate."
The chair's testimony and responses to questions from lawmakers often provide more of a glimpse into where the Fed is heading, and that may be particularly true next week following recent data that showed inflation was not slowing as fast as hoped. Indeed recent data has prompted some of Powell's colleagues to wonder why the Fed's rapid rate increases have not had more of an impact, and whether the central bank may have to raise interest rates even higher as a result.
Household loan delinquency rates were rising, and mortgage issuance "continued to decline materially" in the face of higher borrowing costs.
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