Powell: Fed to keep rates higher for longer to cut inflation

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inflation

The Associated Press

WASHINGTON (AP) – Fed Chair Jerome Powell says the Federal Reserve will push rates higher than previously expected and keep them there longer to fight a stubborn bout of inflation.

In written remarks to be delivered to the Brookings Institution on Wednesday, Powell also signaled that the Fed may increase its key interest rate by a smaller increment at its December meeting, only a half-point after four straight three-quarter point hikes.

But Powell also stressed that the smaller size shouldn’t be seen as a sign the Fed will let up on its inflation fight anytime soon.

Read the full story on AP News right here.

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11/30/2022 1:55:39 PM (GMT -6:00)

 

Categories: Regional and US News