Federal Reserve Chairman Jerome Powell last week solidified expectations for a half-percentage point rate hike at the central bank's May meeting as officials look to tame red-hot inflation, a move that could have major implications for millions of U.S. households.
said last week during a panel discussion at the International Monetary Fund and World Bank spring meetings. "I also think there’s something in the idea of front end-loading whatever accommodation one thinks is appropriate. So that points in the direction of 50-basis points being on the table."
By September, traders expect the federal funds target range to be at least 2.25% to 2.5%, well above the current range of 0.25% to 0.50%. Mortgage rates have already climbed above 5% for the first time since 2011, with the 30-year fixed-rate mortgage – the most popular home loan product – hitting the threshold just five weeks after it topped 4%. It marked the fastest pace of increases since 1994.
In this Jan. 29, 2020 file photo, Federal Reserve Chair Jerome Powell pauses during a news conference in Washington.
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