Bets are climbing that the Federal Reserve raises interest rates by a half-percentage point later this month in the face of stubbornly high inflation.
to a quarter percentage point during their meeting last month, lifting the benchmark federal funds rate to a range of 4.5% to 4.75%. That followed a half-point increase at their December meeting and four consecutive 75-basis-point moves before that. The central bank typically moves rates in quarter-point increments.
Federal Reserve Chairman Jerome Powell speaks during a House Financial Services Committee hearing to examine the Semiannual Monetary Policy Report to Congress on Capitol Hill in Washington, D.C., on Wednesday. rising 0.5% in January, the most in three months. The annual inflation rate also came in higher than expected at 6.4%.that there were more than 10.8 million job openings in January. Economists surveyed by Refinitiv expected 10.5 million.
"We have some potentially important data coming up," Powell said. "Those will be important and we’ll scrutinize them… We have not made any decision about the March meeting."
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