Federal Reserve Chair Jerome Powell on Tuesday foreshadowed key elements of the central bank's upcoming rate-setting meeting: A half-point increase is on the table and updated policymaker forecasts are likely to feature a high point for rates above the 5.1% in their last projections in December.
"We have two or three more very important data releases to analyze before the time of the FOMC meeting,"Tuesday. He is set to testify to the House of Representatives Financial Services Committee on Wednesday.
"Powell didn’t open the door to a 50-basis-point rate hike without intending to follow through with that outcome at the March FOMC meeting," Duy said. "Only surprisingly weak data will prevent that outcome now."Here's what to watch for between now and March 21 when policymakers deliver their rate decision in Washington:The U.S.
Economists expect the report to show the unemployment rate, which was 3.4% in January, rose to 3.5% in February.The Bureau of Labor Statistics' consumer price index, the most widely followed gauge of U.S. inflation, is expected to show a slight slowdown in price pressures, easing to a month-over-month gain of 0.4% in February from 0.5% in January.
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