Powell’s hawkish surprise: Fed to raise rates higher than previously expected

Powell's hawkish surprise: Fed to raise rates higher than previously expected


Federal Reserve Chair Jerome Powell signaled that the “ultimate level” of interest rates would likely be higher than previously thought. He also said the window for a soft landing has “narrowed.”

Even though a slowdown in rate hikes might happen in December or January, the U.S. central bank is likely to take rates higher than previously thought, according to Powell.

“At some point … it will become appropriate to slow the pace of increases as we approach the level of interest rates that will be sufficiently restrictive to bring inflation down to our 2% goal,” he said. “We still have some ways to go. And incoming data since our last meeting suggests that the ultimate level of interest rates will be higher than previously expected.”
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