Powell Speaks Out On Future Of Rate Hikes

Federal Reserve Chair Jerome Powell has spoken out about the future of rate hikes.

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Powell said in December smaller rate hikes are likely.

“Despite some promising developments, we have a long way to go in restoring price stability,” Powell said in a speech Wednesday. “Thus, it makes sense to moderate the pace of our rate increases as we approach the level of restraint that will be sufficient to bring inflation down.”

“The time for moderating the pace of rate increases may come as soon as the December meeting,” he added.

This comes after a string of aggressive rate hikes to combat elevated inflation.

“We will stay the course until the job is done,” Powell said.

The news sparked reaction online.


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