Fed’s Powell points Republicans to forecasts showing one more rate hike – Bloomberg

Anil Panchal FXStreet

“Federal Reserve Chair Jerome Powell, asked in a private meeting with US lawmakers how much further the central bank will raise interest rates this year, pointed to policymakers’ latest forecasts showing they anticipate one more increase, according to Republican Representative Kevin Hern per Bloomberg.

On the other hand, Reuters claim that US Senator Hern said that Fed’s Powell told Republican lawmakers that Congress should re-evaluate limits on the size of federally insured bank deposits.

"We talked about that but he said it was the role for Congress to really evaluate. Thought it was a great topic to bring up," Hern said after Powell spoke to a closed-door meeting of the Republican Study Committee per Reuters.

The news also adds that the Federal Deposit Insurance Corporation (FDIC) currently insures up to $250,000 per depositor, but the Silicon Valley Bank (SVB) and Signature Bank collapses this month have raised questions over whether insurance limits needed to be raised.

Also read: EUR/USD stays firm around 1.0840, with traders eyeing German and US inflation data

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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