Saying economy is strengthening, Fed's Powell suggests faster pace of interest rate hikes
WASHINGTON - Saying the U.S. economy has strengthened in recent weeks, new Federal Reserve Chairman Jerome H. Powell suggested Tuesday that the central bank could hike its key interest rate faster than anticipated.
Powell said he and his Fed colleagues will try to balance stronger growth with the potential for "an overheated economy" now that "fiscal policy is becoming more stimulative" with tax cuts and increased federal spending.
In his first extensive public comments since taking over as Fed chief at the start of the month, Powell told a congressional committee that "the economic outlook remains strong" despite recent financial market volatility.
"At this point, we do not see these developments as weighing heavily on the outlook for economic activity, the labor market or inflation," Powell said at
