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MNI: Powell: Peak US Rate 'Somewhat Higher' Than Sept Forecast

(MNI) WASHINGTON

Taming inflation will require holding policy at a restrictive level "for some time" even as the Fed slows its rate increases.

Peak U.S. interest rates next year are likely to be "somewhat higher" than the FOMC projected in September and stay restrictive "for some time" as the Federal Reserve seeks to cool demand and restore balance in the overheated labor market, Fed Chair Jerome Powell said Wednesday.

The FOMC will likely slow the pace of its rate hikes at its meeting in two weeks, but that's less relevant than how long rates will need to stay at that level, he added.

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Peak U.S. interest rates next year are likely to be "somewhat higher" than the FOMC projected in September and stay restrictive "for some time" as the Federal Reserve seeks to cool demand and restore balance in the overheated labor market, Fed Chair Jerome Powell said Wednesday.

The FOMC will likely slow the pace of its rate hikes at its meeting in two weeks, but that's less relevant than how long rates will need to stay at that level, he added.

Keep reading...Show less