Fed's Powell says inflation 'is slightly worse' than in December, signals March rate hike

Federal Reserve Chair Jerome Powell described the current inflation situation as “slightly worse” than in December, stating there is plenty of room to raise rates without hurting the jobs market.

“There’s quite a bit of room to raise interests without threatening the labor market. This is by so many measures a historically tight labor market — record levels of job openings, quits, wages are moving up at the highest pace they have in decades,” Powell told reporters.

The Fed Chair also clarified the Fed’s thinking around the March rate hike, stating: “The committee is of the mind to raise the federal funds rate at the March meeting.”

When asked about the inflation situation in the U.S., Powell said that things are “slightly worse” than in December. “I’d be inclined to raise the 2022 core PCE by a few tenths today.”

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