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Smaller rate hikes likely coming in Dec: US Fed chairman Jerome Powell

Smaller rate hikes likely coming in Dec: US Fed chairman Jerome Powell IANS Updated: December 2nd, 2022, 09:40 IST in Business , International 0 Pic- IANS Share on Facebook Share on Twitter Share on WhatsApp Share on Linkedin Washington: Jerome Powell, Chairman of the US Federal Reserve, said the central bank could pull back on the pace of its aggressive rate hikes as soon as December. “The time for moderating the pace of rate increases may come as soon as the December meeting,” CNN quoted Powell as saying at the Hutchins Center on Fiscal and Monetary Policy, his last public appearance before the central bank enters a blackout period ahead of its December 13-14 policymaking meeting. “Despite some promising developments, we have a long way to go,” Powell said, noting that the Fed has “not seen clear progress” on decades-high inflation plaguing the economy. Investors have been closely watching for any indication that the Fed might slow or even pause its punishing schedule of rate hikes, the much-talked-about pivot that would release the brakes the central bank slammed on the economy. But Fed officials have ramped up their rhetoric in recent weeks to disseminate the message that there’s much more work to do, and will forge ahead with rate increases, albeit smaller, until the current bout of decades-high inflation shows signs of abating, reports CNN. St. Louis Federal Reserve President James Bullard warned this week that the stock market is underpricing the risk of a continually aggressive Fed, and New York Federal Reserve President John Williams told the Economic Club of New York Monday that inflation remains the “No. 1 economic concern across the globe”, citing underlying inflation in the service sector as “the most challenging” aspect of the battle. IANS Tags: Interest rate Jerome Powell US Fed Share Tweet Send Share Suggest A Correction Enter your email to get our daily news in your inbox. Leave this field empty if you’re human: Related Posts China relies on Pakistan for projecting military, economic might: Pentagon December 2, 2022 Naveen woos investors, claims Odisha destined to emerge trillion-dollar economy December 1, 2022 India to resume work in at least 20 stalled projects in Afghanistan: Taliban December 1, 2022 Avinash Bhaskar Chate, the new-age business consultant, corporate coach and motivational speaker December 1, 2022 India’s mfg PMI hits 3-month high in Nov amid expansion in production, slowdown in inflation December 1, 2022 Naveen lays foundation stone of Vedanta Aluminium Park December 1, 2022 Leave a Reply Cancel reply Your email address will not be published. Required fields are marked * Comment Name * Email * Website Save my name, email, and website in this browser for the next time I comment.

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Published on : 2022-12-02 04:10:23

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