The Fed will likely announce a smaller hike for a second straight time, and it could change some key wording in its post-meeting statement about future rate increases.
and even some signs of a slowdown in the job market, the Fed is now navigating a more treacherous terrain.
To forestall that brighter outlook, most analysts expect Powell to talk tough at a news conference Wednesday about the need for further rate hikes. He may underscore a projection that Fed officials collectively issued last month that their benchmark rate would surpass 5% in the coming months. Since March, the statement has included the phrase, “ongoing increases in the will be appropriate." English said that phrase could change to something like, “some future increases." That would indicate that the Fed is no longer engaged in an open-ended series of hikes.
Powell has stressed his concern — which most other Fed officials have echoed — that robust pay raises will keep inflation high among restaurants, hotels, health care, financial services and other areas of the nation's service sector. As a result, Powell has said that some “pain” will be necessary to fully quash inflation — including a potentially sharp increase in the unemployment rate.
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