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Fed’s Powell signals smaller interest rate hikes could begin in December

Fed Chair Jerome Powell emphasizes central bank has more work to do to quell inflation

Federalreserve, Public domain, via Wikimedia Commons

By Megan Henney FOXBusiness

Federal Reserve Chairman Jerome Powell signaled the U.S. central bank will slow its interest rate increases at its meeting next month, but stressed that policymakers have more work to do in order to crush stubbornly high inflation. 

“The time for moderating the pace of rate increases may come as soon as the December meeting,” Powell said Wednesday during a speech at the Brookings Institute in Washington, D.C. “Given our progress in tightening policy, the timing of that moderation is far less significant than the questions of how much further we will need to raise rates to control inflation, and the length of time it will be necessary to hold policy at a restrictive level.”

Still, he noted that “ongoing increases will be appropriate” and stressed that the focus on rate hike speed is less important than the question of how long rates should be held in restrictive territory.

Stocks reversed their losses and climbed higher on Wednesday following Powell’s remarks, with the Dow Jones Industrial Average up 318 points and the benchmark S&P index climbing 1.8%.

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