Fed chair startles Wall Street by indicating higher interest rates are coming

Fed chair startles Wall Street by indicating higher interest rates are coming – CBS News

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Federal Reserve Chairman Jerome Powell testified to the Senate Banking Committee Tuesday that interest rates could rise higher and faster than anticipated in an effort to fight inflation. New York Times Federal Reserve and economy reporter Jeanna Smialek joins CBS News’ John Dickerson to discuss the comments, plus a new corporate trend that’s convincing consumers to spend more on similar products.

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