The vision is not yet clear, and there is no decision on the pace of raising interest rates yet. These were the most prominent details announced by the Chairman of the US Federal Reserve, Jerome Powell, in his speech to the US House of Representatives on Tuesday and Wednesday.
What Powell referred to confirms that the US Federal Reserve is not following a predetermined path, as he confirmed that any decision will be taken during its next interest rate meeting after the Fed sees data on the performance of the US economy in the coming days.
The Federal Open Market Committee meeting is scheduled for March 21-22.
In his speech during the first day of his meeting with the US House of Representatives, the Chairman of the Federal Reserve predicted that the maximum interest rates in America will exceed previously expected levels.
Powell explained that the data released recently showed a stronger-than-expected performance.
He did not specify in his speech the level that the interest rate might reach in the largest economy in the world, but he affirmed the Fed's readiness to increase the rate of interest rate hikes if economic data is released that justifies tightening monetary policy faster.
Markets reaction
Following the statements of the US Federal Reserve Chairman on the first day, which suggested that the US interest rate would exceed expectations, the red color dominated the US market indices, as the Dow Jones Industrial Average fell by 1.72, and the Nasdaq fell by 1.25 percent.
The Standard & Poor's 500 Index fell 1.53 percent.
Despite the collective drop in the indices in the statements of the first day, the performance of the US markets on the second day was mixed.
And some indices reversed their trend to rise again, with the Standard & Poor's 500 rising by 0.14 percent, and the Nasdaq by 0.41 percent.
