Economics
‘Plain English’ Powell Praises U.S. Economy After Rate Hike
- Unemployment falling, inflation rising faster than projected
- Powell announces press conferences after every FOMC meeting
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Federal Reserve Chairman Jerome Powell signaled growing optimism on the U.S. economy while trying to reassure investors that the central bank would not derail the country’s second-longest expansion by aggressively tightening monetary policy.
Fed officials on Wednesday raised interest rates by a quarter point for the second time this year and upgraded their median forecast to four total increases in 2018, as unemployment falls and inflation overshoots their 2 percent target earlier than previously projected.