WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell has told Congress that the central bank will not begin raising interest rates until it believes its goals on maximum employment and inflation have been reached. Powell also warned Wednesday that many who had worked in industries hardest hit by the pandemic and ensuing recession will likely need to find different jobs. As he did before the Senate Banking Committee on Tuesday, Powell told the House Financial Services Committee that the Fed is in no hurry to raise its benchmark short-term interest rates or to begin trimming its $120 billion in monthly bond payments used to put downward pressure on longer-term rates.
