Powell says he supports further gradual rate hikes

(Photo Source: Federal Reserve / MGN)
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WASHINGTON (AP) - Jerome Powell says that if confirmed as the next chairman of the Federal Reserve, he expects the central bank to continue raising interest rates gradually to support the Fed's twin goals of maximum employment and stable prices.

Powell also says that under his leadership, the Fed would consider appropriate ways to ease the regulatory burdens on banks while preserving the core reforms Congress enacted to try to prevent another financial crisis like the one that erupted in 2008.

Powell makes the comments in prepared testimony that he will deliver Tuesday at the start of his confirmation hearing before the Senate Banking Committee. Powell, a member of the Fed's board since 2012, is expected to win confirmation to succeed Janet Yellen, whose term expires in February.

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