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Federal Reserve Chairman Jerome Powell speaks Thursday before a monetary policy panel presented by the International Monetary Fund.
The US central bank chief’s comments come in the wake of the Federal Reserve’s decision last week to keep benchmark interest rates at their current level, in a target range between 5.25%-5.5%. However, Powell warned that if inflation persists, he will not hesitate to push for higher interest rates.
Other global central banks have been following the Fed’s lead, recently signaling that they view inflation as too high but recognize the risks of pushing policy too aggressively. The US economy has grown strongly despite a series of 11 interest rate hikes since March 2022.
Markets largely expect the Fed to be done. The probability of a rate hike at the FOMC meeting in December is less than 10%, according to market rates measured by CME Group. In fact, markets expect the Fed to start cutting interest rates in 2024, perhaps as soon as June.
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Powell says inflation is still too high and lower economic growth will likely be needed to bring it down