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Jerome Powell
But the Fed faces a big decision about how much to cut in its quest to achieve a soft landing after years of inflation.
Led by Sen. Elizabeth Warren (D-Mass.), the senators say high rates may be contributing to higher prices for things like insurance.
Ahead of this year's presidential election, the central bank chief said that unemployment is low, with inflation receding and growth continuing.
Powells speech highlighted the uncertainties surrounding the economy and the complexity of the Feds response to it.
WHAT'S HAPPENING
The Federal Reserve reinforced its fight against high inflation by raising its key interest rate by a quarter-point to the highest level in 16 years.
One analyst said this interest rate increase, the ninth in the past year, shows the Fed's "willingness to roll the dice" with the economy.
"He has had two jobs," the senator told NBCs "Meet the Press." "One is to deal with monetary policy. One is to deal with regulation. He has failed at both."
His hawkish statement at a congressional hearing shows concern over a stronger-than-expected economy.
We are not and we will not be a climate policymaker, he told a panel in Stockholm.
With inflation an increasing challenge, it's more likely that the central bank will have to cause a recession to stop it, said Fed Chair Jerome Powell.
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