The board of the central bank sees progress on inflation, but says it envisions 2 more rate increases this year.
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Federal Reserve Chair hints at a pause in rate hikes when central bank meets in June
Powell said the central bank’s benchmark rate, which affects many consumer and business loans, is now high enough to restrain borrowing, spending, and economic growth.
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Fed to keep rates higher for longer to cut inflation, chairman Powell says
Federal Reserve chief Chair Jerome Powell also signals that the Fed may increase its key interest rate by a smaller increment at its December meeting, only a half-point, after 4 straight three-quarter point hikes.
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Key Fed official says he’s open to slowing hikes in December
Christopher Waller and some other Federal Reserve officials have suggested that the central bank will likely slow the pace of its interest rate hikes beginning in December.
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Worsening inflation will pressure Fed to keep raising rates
Even with widespread price spikes, the September data showed that the prices for many physical goods, including clothing, used cars, furniture, and appliances, dropped last month.