BREAKING NEWS: Fed Chair Powell says interest rates are ‘likely to be higher’ than previously expected
Jerome Powell, chairman of the US Federal Reserve, speaks during a Senate Banking, Housing, and Urban Affairs Committee hearing in Washington, DC, US, on Tuesday, March 7, 2023.in February to raise the benchmark interest rate a quarter percentage point to a range of 4.5% to 4.75% and signaled that a "couple more" increases are on the table this year. That followed a half-point increase at their December meeting and four consecutive 75-basis-point moves before that.
and disappointing inflation data that pointed to the pervasiveness of high consumer prices — has raised the specter of a higher peak rate or steeper increases.rose 0.5% in January, the most in three months. The annual inflation rate also surprised to the upside at 6.4%. "We will continue to make our decisions meeting by meeting," Powell said on Tuesday. "Although inflation has been moderating in recent months, the process of getting inflation back down to 2% has a long way to go and is likely to be bumpy."That data has prompted some traders to reexamine their rate hike expectations for the year, with a growingnow betting the Fed could raise rates higher than previously projected and return to larger-than-usual rate hikes.
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