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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 leader’s comments follow a decision by the Fed last week to keep policy rates at current levels, within a target range between 5.25% and 5.5%. However, Powell has warned that if inflation persists, he will not hesitate to call for higher interest rates.
Other global central banks are following the Fed’s lead and have recently indicated that they believe inflation is too high, but are aware of the risks associated with too harsh a policy. The US economy has grown strongly, despite a series of eleven interest rate hikes since March 2022.
Markets largely expect the Fed to be ready. The probability of a rise at the December Federal Open Market Committee meeting is less than 10%, according to market prices measured by the CME Group. In fact, markets expect the Fed to start cutting spending in 2024, possibly as early as June.
read more
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Powell says inflation is still too high and lower economic growth will likely be needed to reduce it
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