The Federal Reserve is poised this week to raise its benchmark interest rate for an eighth time since March.
Less spending and hiring could help further ease inflation. But many economists and Wall Street investors worry that the Fed will raise rates too high — and keep them there too long — causing a deep recession in the process. Based on their public statements, policymakers are adamant that if they don’t keep fighting inflation with tighter credit, price spikes could re-accelerate and require even more painful measures to quell.
To forestall that brighter outlook, most analysts expect Powell to talk tough at a news conference Wednesday about the need for further rate hikes. He may underscore a projection that Fed officials collectively issued last month that their benchmark rate would surpass 5% in the coming months. Other Fed watchers, like Kathy Bostjancic, chief economist at Nationwide, say they don’t foresee any such changes, because the Fed won’t want to excite investors.
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