Fed’s Powell does not rule out rate rise at coming meetings
Federal Reserve Chairman Jerome Powell reiterated Wednesday that more rate rises likely lie ahead for the central bank, and did not rule out a boost in the cost of borrowing at a policy meeting scheduled for the end of July.
“We’ve come a long way” with rate rises, Powell said at a European Central Bank conference held in Sintra, Portugal, noting that holding off on a rate rise earlier this month was a move to take stock of how the rate hike campaign is affecting the economy.
Powell said future policy actions will be driven by how the economy is performing, noting “the only thing we decided was not to raise rates at the June meeting.”
Powell said “I wouldn’t take, you know, moving at consecutive meetings off the table at all,” noting “the committee clearly believes that there’s more work to do, that there are more rate hikes that are likely to be appropriate” at some point over the course of the year.
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