The new chairman of the Federal Reserve has vowed to prevent the U.S. economy from overheating, while sticking with a plan to gradually raise interest rates.
In his first public appearance as the head of the Fed,... Jerome Powell testified before the U.S. House of Representatives' Financial Services Committee on Tuesday that the Fed would balance the need to guard against excessive inflation with the benefit of allowing the economy to enjoy the "tailwinds" of tax cuts and strong global growth.
While the Fed has forecast three rate increases in 2018, some believe it could lift its rate four times this year, if the Trump administration's tax cuts provide a larger-than-expected boost to the economy and inflation.