Federal Reserve chairman Jerome Powell said Wednesday nearly all central bank officials agree more interest rate increases will be “appropriate'
“It will take time… for the full effects of monetary restraint to be realized, especially on inflation,” Powell said in preparedPowell cited expectations that inflation will remain “well anchored” above the Fed’s long-held 2% target; inflationStock futures were down moderately immediately after the comments were released, as the Dow Jones Industrial Average, S&P 500 and tech-heavy Nasdaq each slipped about 0.3%.
The Federal Open Markets Committee decided not to hike rates at its meeting last week, which some hoped signaledHow stocks will respond following further increases to interest rates. In the three most recent instances in which the Fed paused hikes in a tightening cycle before resuming increases, the S&P rose 19% in the 12 months following the first pause.
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