Federal Reserve officials pushed back against speculation the US central bank could soon cut interest rates to revive the economy ahead of a key address by chairman Jerome Powell this week.
He reiterated his view that the policy rate will climb to at least 5 per cent to 5.25 per cent, from the current 3.75 per cent to 4 per cent range, to be “sufficiently restrictive” to reduce inflation. Fed officials have signalled a slower pace of increases in borrowing costs as the central bank gets closer to a resting point for its tightening campaign.
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