With inflation in the United States still excessive, most Federal Reserve officials expect to raise interest rates further this year, Chairman Jerome Powell has told a House of Representatives committee.“Inflation pressures continue to run high, and the process of getting inflation back down to 2 percent has a long way to go,” Powell said on Wednesday, the first of two days of twice yearly testimony by the central bank chief on Capitol Hill.Even with more increases expected, the Fed last week kept interest rates unchanged after 10 straight hikes so it could take time to gauge how higher borrowing rates have affected the economy, Powell said.
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