Federal Reserve Chair Jerome Powell said the US central bank will continue to move carefully but won’t hesitate to tighten policy further if needed to contain inflation.
The tenor of Powell’s comments reinforced that policymakers are not ready to declare an end to their tightening campaign, even though financial markets and many economists have concluded the central bank is done raising rates. Powell said the supply-side benefits that have helped slow inflation so far may have run their course, and repeated that stronger growth could warrant further tightening.
US central bankers are trying to assess whether they need to take their benchmark policy rate slightly higher, and debating how long they should hold rates at elevated levels. The policy-setting Federal Open Market Committee last week held rates at 5.25% to 5.5% range, the highest level in 22 years. Framework review He also suggested the central bank will undertake another review of its policy framework beginning in 2024, after announcing an overhaul in 2020.
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