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.
$DXY #ElliottWave
PCE out, Inflation stable. Powell noted they will slow down the hike, so even if NFP is strong they will probably stick to the plan. If data is bad, (not impossible, considering that economy is slowing down) then DXY will fall further. Win-win for bears on DXY pic.twitter.com/bzlcFuegsm— Grega Horvat (@GregaHorvatFX) December 1, 2022
I ❤️ waking up to profits!
Bought EURUSD at the Asia open last night on the idea that Powell’s +50bp rate hike signal would lead to more USD dollar weakness
All targets 🎯 hit overnight!
ZIP works very well in Asia and Europe!
What is ZIP? https://t.co/GSi0COjixs pic.twitter.com/tZtwjqMdLt
— Kathy Lien (@kathylienfx) December 1, 2022
The U.S. 3 month yield didn’t care what Powell said today. It’s still on track for another rate hike in December. pic.twitter.com/SdrKBB7WiS
— Financelot (@FinanceLancelot) November 30, 2022
“Nobody,” Chairman Powell?
This Beltway blowhard is a prime example of how badly the so-called experts have failed our society.
Economic strategists, myself included, were screaming about pending Inflation in early 2021.
But Biden/Yellen/Powell preferred their own narrative… https://t.co/kSTeqng9iC
— Steve Cortes (@CortesSteve) December 1, 2022
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