Powell's remarks will be scrutinised by Wall Street traders and economists and could potentially cause sharp swings in financial markets
On Wednesday, the Fed stepped up its drive to tame inflation by raising its key interest rate by three-quarters of a point — its largest hike in nearly three decades — and signaled more large rate increases to come.
The Fed’s benchmark short-term rate, which affects many consumer and business loans, will now be pegged to a range of 1.5% to 1.75% — and Fed policymakers forecast a doubling of that range by year’s end.
Wall Street's benchmark S&P 500 index gained 0.4% on Wednesday after notes from the latest Fed meeting said “an even more restrictive stance could be appropriate" to get inflation back to its 2% target
Chair Jerome Powell hopes that by making borrowing more expensive, the Fed will succeed in cooling demand for homes, cars and other goods and services and slow inflation.
Powell and the Fed are in the hot seat because inflation, which had been an economic afterthought for decades, has shot to the top of threats to the economy and concerns of American households