Federal Reserve Chair Jerome Powell sought Wednesday to strike a delicate balance at a moment when high inflation is bedeviling the nation’s economy and commanding attention in the midterm elections
Powell suggested that the Fed may decide in the coming months to slow its aggressive interest rate increases. Yet he also made clear that the Fed isn't even close to declaring victory in its fight to curb an inflation rate that is nearWhen the Fed ended its latest policy meeting Wednesday, it announced that it was pumping up its benchmark rate by a substantial three-quarters of a point for a fourth straight time. Its key rate is now in a range of 3.75% to 4%, the highest in 15 years.
Yet as his news conference got under way, Powell struck a harder line. He stressed that the central bank's policymakers have seenand would likely have to send interest rates even higher than they thought they would at their last meeting in September. “I think he accomplished his goal” of striking hawkish and dovish notes, said Vince Reinhart, chief economist at Dreyfus and Mellon. . “That's why the market was so confused.”
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