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MNI BRIEF: Powell: Peak US Rates Higher Than Earlier Expected

(MNI) WASHINGTON

Peak U.S. interest rates are expected to be higher than the FOMC earlier expected after inflation continued to surprise to the upside, Federal Reserve Chair Jerome Powell said Wednesday. The median FOMC official in September projected rates to reach 4.6% by the end of next year.

"We still have some ways to go. Incoming data since our last meeting suggests that the ultimate level of interest rates will be higher than previously expected," he told reporters after the FOMC raised interest rates by 75 basis points to a 3.75% to 4% range. "Our decisions will depend on the totality of incoming data and implications for the outlook of activity and inflation."

MNI earlier reported peak U.S. interest rates are likely to be 5% or more.

MNI Washington Bureau | +1 202-371-2121 | jean.yung@marketnews.com
USCentral Bank NewsPolicy NewsHomepageFederal ReserveNorth AmericaBriefStoryRegion
MNI Washington Bureau | +1 202-371-2121 | jean.yung@marketnews.com
USCentral Bank NewsPolicy NewsHomepageFederal ReserveNorth AmericaBriefStoryRegion

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