UJ on track

Federal Reserve Chairman Jerome Powell on Tuesday cautioned that interest rates are likely to head higher than central bank policymakers had expected. Citing data earlier this year showing that inflation has reversed the deceleration it showed in late 2022, the central bank leader warned of tighter monetary policy ahead to slow a growing economy. The Fed has raised its benchmark fund rate eight times over the past year to its current targeted level between 4.5%-4.75%.