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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