Powell has a different story.
https://www.msn.com/en-us/money/mar...s-to-expect-higher-interest-rates/ar-AA1cQhPS
THE FED
Federal Reserve Chair Jerome Powell on Wednesday told Congress that, with U.S. inflation well above target, more interest rates are likely this year, although he did not shed any new light on the timing of the moves.
“Nearly all FOMC participants expect that it will be appropriate to raise interest rates somewhat further by the end of the year, ” Powell said, in testimony prepared for delivery to the House Financial Service Committee on Wednesday.
Powell was vague on the timing.
“We will continue to make our decisions meeting by meeting, based on the totality of incoming data and their implications for the outlook for economic activity and inflation, as well as the balance of risks,” Powell said.
Last week the Fed released updated forecasts that showed 12 of 18 policymakers expect two more 25 basis point rate hikes this year. That would bring the Fed’s benchmark interest rate to a range of 5.5%-5.75%.
https://www.msn.com/en-us/money/mar...s-to-expect-higher-interest-rates/ar-AA1cQhPS
THE FED
Federal Reserve Chair Jerome Powell on Wednesday told Congress that, with U.S. inflation well above target, more interest rates are likely this year, although he did not shed any new light on the timing of the moves.
“Nearly all FOMC participants expect that it will be appropriate to raise interest rates somewhat further by the end of the year, ” Powell said, in testimony prepared for delivery to the House Financial Service Committee on Wednesday.
Powell was vague on the timing.
“We will continue to make our decisions meeting by meeting, based on the totality of incoming data and their implications for the outlook for economic activity and inflation, as well as the balance of risks,” Powell said.
Last week the Fed released updated forecasts that showed 12 of 18 policymakers expect two more 25 basis point rate hikes this year. That would bring the Fed’s benchmark interest rate to a range of 5.5%-5.75%.
