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Federal Reserve Chair Jerome Powell sent financial markets rallying on Wednesday after he indicated that the central bank could slow the pace of interest rate hikes as early as the next policy meeting.
Speaking at the Brookings Institution, Powell attempted to balance his dovish remarks with a hawkish inflation-busting stance.
The head of the U.S. central bank noted that the benchmark federal funds rate would have to climb higher than what policymakers initially thought a few months ago. He also cautioned “against prematurely loosening policy,” dismissing talk of potential rate cuts in 2023.
Powell noted that monetary policy impacts inflation and the broader economy with “uncertain lags,” adding that the full impact of the Fed’s tightening since March has yet to be fully felt....