February 01, 2023 19:39 GMT
MNI BRIEF: Powell-"Couple" Hikes To Appropriately Restrictive
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The Federal Reserve needs to deliver "a couple more" interest rate hikes before reaching levels that are sufficiently restrictive to get inflation on a downward path, Fed Chair Jerome Powell told reporters Wednesday.
"We raised rates 4.5 percentage points and we are talking about a couple more rate hikes to get to the level we think is appropriately restrictive," Powell said. "Inflation is running hot. We are taking into account long and variable lags. We are thinking about that." (See MNI INTERVIEW: US Labor Market Could Have Soft Landing-Paycheck)