The Federal Reserve will push rates higher than previously expected and keep them there for an extended period, Chair Jerome Powell said.
Federal Reserve Chairman Jerome Powell speaks at a news conference following a Federal Open Market Committee meeting, Wednesday, Nov. 2, 2022, in Washington.
But the cost of services, which includes dining out, traveling, and health care, are still rising at a fast clip and will likely be much harder to rein in, he said. The lack of workers reflects a jump in early retirements, the death of several hundred thousand working-age people from COVID-19, and a sharp decline in immigration and slower population growth, he said.
Fed officials forecast in September that they would ultimately push their short-term rate to a range of 4.5% to 4.75% by next year. Powell suggested that rates will likely go higher than that. Many economists forecast the Fed's key rate will instead rise to at least 5% to 5.25%.
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