The Federal Reserve (Fed) said that raising interest rates will continue to be implemented in its semi-annual Monetary Policy Report sent to Congress in order to combat excessive inflation

The Federal Reserve favoured inflation measure, the core PCE price index, continued to increase. It climbed by 4.7% yearly in Jan, up from a gain of 4.6% in Dec & beyond the market consensus of a 4.3% growth.

The core PCE price index increased by 0.6 percent on a monthly basis in Jan, up from a monthly rise of 0.4% in Dec & higher than the market expectation of a 0.4% growth

Fillacutely aware that rising inflation causes severe hardship, particularly on those least able to absorb the increasing costs of basics in some text

The hearing will provide legislators a chance to quiz the Federal Reserve about its stance on interest rates & inflation as well as its long-term goals.