Federal Reserve Chair Jerome Powell will hint that the central bank could increase the pace of interest rate hikes if data indicate price pressures continuing, according to a prepared statement shared ahead of his congressional testimony on Tuesday.
"If the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes," he will say. "Restoring price stability will likely require that we maintain a restrictive stance of monetary policy for some time."
Powell acknowledged that inflation has slowed since the middle of last year but remains above the FOMC committee's longer-run objective of 2 percent. He also noted that there has been "little sign of disinflation thus far in the category of core services excluding housing, which accounts for more than half of core consumer expenditures."
Bringing down inflation in core services will likely require softening in the labor market, according to the Federal Reserve chair. Powell noted that nominal wage gains have slowed recently, but remain "above what is consistent with 2 percent inflation and current trends in productivity."
Repeating a common refrain from the nation's top banker, he said, "Strong wage growth is good for workers but only if it is not eroded by inflation."
UPS is gearing up for a mass hiring event that could help a critical labor shortage affecting the U.S. across all industries. Jon Bowers, human resources director with UPS, joined Cheddar News to discuss the company's job fair known as 'Brown Friday,' which is slated to take place Nov. 3 and Nov. 4, ahead of the holiday season.
A Missouri jury found the National Association of Realtors and other brokerages liable for nearly $1.8 billion in damages on Tuesday. The jury found the parties conspired to keep commissions for home sales artificially high and the lawsuit looked at sales that took place between April of 2015 through June of 2022.
The country’s largest Christian university is being fined $37.7 million by the federal government amid accusations that it misled students about the cost of its graduate programs.
