Federal Reserve officials back moving rates higher in order to slow the economy
Federal Reserve officials in July agreed that it was necessary to move their benchmark interest rate high enough to slow the economy to combat inflation that remained well above their 2% target.
Fed officials said that moving to a “restrictive” stance of policy – high enough to slow growth – was required. At his press conference, Fed Chairman Jerome Powell said that this level of rates was in a “neutral” range. This was a factor in the markets conclusion that the Fed chairman was dovish. The Fed will meet again in late September. Officials have said that more rate hikes are appropriate and there is an ongoing debate on whether to raise rates by 50 basis points or another 75 basis point move.
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