<|begin_of_text|><|begin_of_text|><|begin_of_text|>The US economy “remains strong”, the Federal Reserve chairman, Jerome Powell, told Congress on Tuesday as he signaled the central bank is on course to carry on gradually increasing interest rates in the coming months.
In his first congressional testimony since his<wm> resignation on June 30, Powell sought to reassure lawmakers on the US financial system’s performance and stability.
He highlighted several trends, suggesting that inflationary pressures will decrease over time.
In a relatively short, five-year plan with the US National Bank Supervision (NBC) for the coming year, the plan calls for raising rates further until the US inflation falls below 2%, which is a formal pledge. However, the plan does state that raising interest rates “must be based on inflation and on the</wm> specific circumstances of the day”. Powell also hinted that any further easing could lead to concerns over asset price