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MNI STATE OF PLAY: Fed Pledges More 50BP Moves To Tame Prices

(MNI) Washington
WASHINGTON (MNI)

Fed Chair Powell says he isn't considering a 75 basis point hike.

Federal Reserve Chair Jerome Powell took the unusual step of addressing his post-meeting remarks directly to the American people, declaring inflation is far too high and officials may keep hiking by 50bps to bring it down.

“The labor market is extremely tight and inflation is much too high,” Powell said at a press conference Wednesday after lifting the upper bound of the Fed funds rate to 1%. “We are on a path to move our policy rate expeditiously to more normal levels,” he said, echoing committee language that signals the prospect of multiple 50 basis point rate hikes.

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Federal Reserve Chair Jerome Powell took the unusual step of addressing his post-meeting remarks directly to the American people, declaring inflation is far too high and officials may keep hiking by 50bps to bring it down.

“The labor market is extremely tight and inflation is much too high,” Powell said at a press conference Wednesday after lifting the upper bound of the Fed funds rate to 1%. “We are on a path to move our policy rate expeditiously to more normal levels,” he said, echoing committee language that signals the prospect of multiple 50 basis point rate hikes.

Keep reading...Show less