Market Updates
Powell Guides Moderate Future Hikes, Higher Rates Longer
Brian Turner
30 Nov, 2022
New York City
Stocks on Wall Street soared on the hopes that future rate hikes may be moderated beginning the next meeting in two weeks.
Federal Reserve Chairman stressed that despite aggressive rate hikes, including three large-size increases of 75 basis points, inflation is still too high.
Chairman Powell also added that monetary policy changes affects the economy and inflation with uncertain lags and "the full effects of our rapid tightening so far are yet to be felt."
Powell went on to add that it may make sense to moderate future rate increases as rates approach restrictive levels and we have better understanding of the impact of higher rates on the economy.
"Monetary policy affects the economy and inflation with uncertain lags, and the full effects of our rapid tightening so far are yet to be felt.
Thus, it makes sense to moderate the pace of our rate increases as we approach the level of restraint that will be sufficient to bring inflation down.
The time for moderating the pace of rate increases may come as soon as the December meeting," said Chairman Jay Powell in a speech Wednesday.
However, Powell cautioned that rates may have to go higher for a longer period than previously anticipated and stay higher to keep the rates sufficiently restrictive and bring down inflation to the target rate of 2%.
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