WASHINGTON: The US Federal Reserve (Fed) held interest rates steady on Wednesday (Sept 20) but stiffened its hawkish stance that its officials increas...
Powell speaking at a press conference after the release of the Fed policy decision to leave interest rates unchanged in Washington on Wednesday. – ReuterspicThe US Federal Reserve held interest rates steady on Wednesday but stiffened its hawkish stance that its officials increasingly believe can succeed in lowering inflation without wrecking the economy or leading to large job losses.
But a “solid” economy with still “strong” job growth, Powell said, will allow the central bank to keep that additional pressure on financial conditions through 2025 with much less of a cost to the economy and labour market than in previous US inflation battles. “We want to see convincing evidence really, that we have reached the appropriate level” of interest rates to return inflation to the Fed’s 2% target, a judgment its policymakers have not yet made, Powell told reporters.
While Powell’s inflation language remained strict, the tone did shift to accommodate what appears to be a growing sense among US central bankers that the sought-after “soft landing” may be developing.But the path had likely “widened ... I do think it’s possible”, he said, a comment underlined by projections showing Fed policymakers at the median see inflation continuing to fall even with gross domestic product continuing to grow and the unemployment rate never rising above 4.
Ahead of this week’s Fed meeting, investors had been banking on significant rate cuts next year, an expectation clouded by the projections that show 10 of 19 officials see the policy rate remaining above 5% through next year.
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