The Federal Reserve has included the phrase ‘ongoing increases’ in every policy statement since March 2022, when officials had just started raising borrowing costs from near zero
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.
At the same time, he said, “there’s going to be some caution” about doing anything that could feed market expectations that a pause in rate hikes is imminent. “Why rock the boat? Why risk unsettling the situation?” Knightley said. “The key question is how committed they are to further rate hikes.” The economy is starting to slow but the unemployment rate at 3.5 per cent 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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