Powell Points Republicans to Forecasts Showing One More Hike
Bloomberg
Published Mar 29, 2023 02:50PM ET
Updated Mar 29, 2023 03:36PM ET
Powell Points Republicans to Forecasts Showing One More Hike
(Bloomberg) -- Federal Reserve Chair Jerome Powell, asked in a private meeting with US lawmakers how much further the central bank will raise interest rates this year, pointed to policymakers’ latest forecasts showing they anticipate one more increase, according to Republican Representative Kevin Hern.
Hern is the chairman of the Republican Study Committee, the group of conservatives with whom Powell met on Wednesday.
The Fed chief was essentially recapping what policymakers made clear last week when they released new interest-rate forecasts, known as the Fed’s dot plot, following their two-day meeting in Washington.
“The most recent one that they’ve acknowledged is they anticipate one more rate hike this year,” Hern, of Oklahoma, told reporters after the meeting with Powell.
Fed officials raised interest rates by a quarter percentage point, continuing their yearlong fight to cool price pressures despite recent turmoil in the banking system.
The move lifted their policy benchmark to a 4.75% to 5% target range, from near zero in March 2022.
Forecasts released at the same time show the 18 officials expect rates to reach 5.1% by the end of the year, according to their median projection, implying one more 25 basis-point hike.
©2023 Bloomberg L.P.
Get The News You Want
Written By: Bloomberg
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.