Federal Reserve Chair Jerome Powell ruled out a 75 basis-point rate hike at upcoming meetings, contradicting market expectations for June.
Powell made his comments during a press conference that followed Fed’s decision to raise rates by 50 basis points — the most significant rate hike since 2000.
“A 75-basis-point increase is not something the committee is actively considering,” Powell told reporters Wednesday. “[We are moving] policy rate expeditiously to more normal levels. Additional 50bps increases should be on the table at the next couple of meetings. We’ll make our decisions meeting by meeting as we learn from incoming data. The overarching focus is … to bring inflation down to our 2% goal.”
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