Powell Says Nearly All Officials Expect ‘Some’ Further Fed Hikes
- Policymakers lifted median rate forecast to 5.6% in 2023
- Aim of pause is to allow FOMC to assess more incoming data
Federal Reserve officials paused on Wednesday following 15 months of interest-rate hikes but signaled they would likely resume tightening at some point to cool inflation.
“Holding the target range steady at this meeting allows the committee to assess additional information and its implications for monetary policy,” the Federal Open Market Committee said in a statement released in Washington Wednesday.