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MNI STATE OF PLAY: Fed Lays Path To Restrictive Stance Near 4%

(MNI) Washington
WASHINGTON (MNI)

Powell says 75bp or 50bp hike likely in July, and path for soft landing is narrower.

Federal Reserve Chair Jerome Powell Wednesday said another 0.75-percentage-point rate increase is possible in July as the central bank refreshed its projections showing its path to a restrictive stance that could reach nearly 4% in 2023.

“I do not expect moves of this size to be common," Powell said in a press conference after delivering the first supersized 75 basis point increase since 1994, bringing the fed funds rate range to 1.50%-1.75%. "Either a 50 basis point or a 75 basis point increase seems likely” at the next meeting, he said about July, adding that he wants to be in restrictive territory this year.

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Federal Reserve Chair Jerome Powell Wednesday said another 0.75-percentage-point rate increase is possible in July as the central bank refreshed its projections showing its path to a restrictive stance that could reach nearly 4% in 2023.

“I do not expect moves of this size to be common," Powell said in a press conference after delivering the first supersized 75 basis point increase since 1994, bringing the fed funds rate range to 1.50%-1.75%. "Either a 50 basis point or a 75 basis point increase seems likely” at the next meeting, he said about July, adding that he wants to be in restrictive territory this year.

Keep reading...Show less