U.S. central bankers have unambiguously telegraphed this week’s policy decision
: a quarter-of-a-percentage-point increase in their benchmark interest rate, the smallest since they kicked off their tightening cycle 10 months ago with one the same size.
“Does the word ‘ongoing’ really capture just two more hikes? It’s a close call,” said III Capital Management’s Karim Basta. That could ease the financial conditions the Fed has fought hard to make more stringent and potentially kindle more inflation, he said, undermining its efforts to tame it. The economy is starting to slow but the unemployment rate at 3.5% hasn’t been lower in more than 50 years. Wage growth is much stronger than Fed officials feel is consistent with stable prices.
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