U.S. Fed Chair is on a tricky path after seventh interest rate hike of 2022
If there was any question that the Federal Reserve is willing to push the U.S. economy to the edge of recession – or even over it – to defeat inflation, Fed Chair Jerome Powell removed it Wednesday.
While the four-paragraph official statement accompanying the statement shed remarkably little light on the evolution of the Fed’s thinking , everything else Mr. Powell and his colleagues said Wednesday underlined that the Fed is nowhere near declaring an end to rate hikes.inflation About the only relief that Mr. Powell offered was that he is now prepared to go slower on rate hikes than the Fed did in 2022, when it increased its policy rate by 4.25 percentage points in just nine months.
Mr. Powell says he’s not yet convinced. He says he wants to see more compelling evidence of a “sustained” inflation retreat. And in particular, he says he’s worried about a labour market that is still extremely tight, and the pressures that still implies for wage inflation.
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