As the Federal Reserve transitions to smaller individual rate hikes, the U.S. central bank Chair Jerome Powell said it is more important to pay attention to the peak rate and how long the Fed chooses to remain restrictive.

And the median forecast for next year shows that rates could go up to 5.1%, with Powell saying that they will stay there “for some time.”

“Now that we’re coming to the end of this year, we’ve raised 425 basis points this year, and we’re into restrictive territory. It’s now not so important how fast we go. It’s far more important to think what is the ultimate level. And then, at a certain point, the question will become, how long do we remain restrictive? That will become the most important question,” Powell said.

Powell spoke to reporters after the Fed raised rates by 50 bps, which is smaller than the previous 75 bps increases.

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