Fed Chair Jerome H. Powell will speak on the economy and the central bank’s latest action at a news conference
Now, the Fed’s top policymakers face a different challenge. For most of 2022, they were trying to move quickly, and in big swings, to get interest rates into “restrictive territory” that will slow the economy. But 2023 will raise other questions about how much higher rates go and how long the central bank will hold borrowing costs high.Wednesday’s expected rate hike would bring the federal funds rate to between 4.25 and 4.5 percent, and rates will keep climbing early next year.
Along with their rate hike announcement at 2 p.m. Eastern time, Fed officials will release a fresh set of economic projections on inflation, the labor market and economic growth. At 2:30 p.m., Fed Chair Jerome H. Powell will hold a news conference, where he’s expected to receive questions on future rate hikes, the inflation outlook and odds of a recession.The Fed’s actions in 2022 packed a punch.
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