The Federal Reserve could increase the size of its interest rate hikes and raise borrowing costs to higher levels than previously projected if evidence continues to point to a robust economy and persistently high inflation, Chair Jerome Powell told a Senate panel Tuesday. “The latest economic data have come in stronger than expected, which suggests that the ultimate level of interest rates is likely to be higher than previously anticipated," Powell testified to the Senate Banking Committee. “If the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes.” Powell's comments raise the possibility that the Fed will increase its key interest rate by a half-percentage point at its next meeting March 21-22, after having carried out a quarter-point hike in early February. The Fed previously raised its benchmark rate by a half-point in December and imposed four three-quarter-point hikes before that. Over the past year, the central bank has raised its key rate, which affects many consumer and business loans, eight times. For more: https://bit.ly/3kYbYOb ►Subscribe: https://on.wtsp.com/youtube ►Website: https://www.wtsp.com/ ►Facebook: https://facebook.com/10TampaBay ►Twitter: https://twitter.com/10TampaBay