The Fed signaled it may pause the streak of 10 rate hikes that have made borrowing for consumers and businesses more expensive.
that have made borrowing for consumers and businesses steadily more expensive.
The Fed is now also grappling with the threat of a prolonged standoff around the nation’s borrowing limit, which caps how much debt the government can issue. Congressional Republicans are demanding steep spending cuts as the price of agreeing to lift the nation’s borrowing cap.WASHINGTON — Poised to raise interest rates Wednesday for a 10th time, Federal Reserve officials are facing two competing economic trends that could make their future rate decisions more difficult and treacherous.
“There clearly is some division , which is reasonable, given that we don’t know where we are, and we’ve got these things going in the wrong direction,” said Diane Swonk, chief economist at KMPG. Other regional Fed bank presidents, including James Bullard of the St. Louis Fed and Neel Kashkari of the Minneapolis Fed, have said they would prefer that the central bank remain steadfast and lift its key rate to at least 5.4%, which would require additional rate hikes after this week.
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