Fed’s Powell: Inflation poses a major threat to job market

By CHRISTOPHER RUGABER
AP Economics Writer

WASHINGTON (AP) — Chair Jerome Powell acknowledged that high inflation has emerged as a serious threat to the Federal Reserve’s goal of helping put more Americans back to work and that the Fed will raise rates more than it now plans if needed to stem surging prices. “If we have to raise interest rates more over time, we will,” Powell said during a hearing of the Senate Banking Committee, which is considering his nomination for a second four-year term. Fed officials have  forecast three increases in the their benchmark short-term rate this year, though some economists say they envision four rate hikes in 2022.