The Federal Reserve Chairman confirmed Tuesday that the United States economy was “growing stronger” than expected, saying an interest rate hike may be likely in the coming weeks should the recovery continue to expand.
According to CNBC, Chairman Jerome Powell signaled he was considering raising the interest rate for the second time in recent months, saying “Overall, we see the risk of the economy unexpectedly weakening as roughly balanced with the possibility of the economy growing faster than we currently anticipate.”
“The unemployment rate is low and expected to fall further. Americans who want jobs have a good chance of finding them,” he added.
The strong data throws more cold-water on the media’s over-hyped “blue wave” predicted for this fall, with House Minority Leader Nancy Pelosi threatening to repeal the widely-popular GOP-sponsored tax cuts
Read the full report at CNBC.