Article

2023-03-08 Economy

Federal Reserve: Rates to Increase Some More

[FinanceYahoo] Federal Reserve Chair Jerome Powell told lawmakers on Tuesday interest rates are likely to rise more than previously expected as the central bank works to bring down inflation, which remains stubbornly above the central bank's 2% target.

.... Powell told the Senate Banking Committee in prepared remarks. "If the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes."

"Although inflation has been moderating in recent months, the process of getting inflation back down to 2 percent has a long way to go and is likely to be bumpy," Powell added.
the word 'bumpy' may mean the next raise will be 50 basis points

Posted by lord garth 2023-03-08 00:00|| || Front Page|| [10 views ] Top

#1 Dow Jones plummets 570 points and drops into the red for 2023 after Federal Reserve revealed it could raise interest rates HIGHER and faster than expected to stave off rampant inflation

Posted by Skidmark 2023-03-08 06:46|| 2023-03-08 06:46|| Front Page Top

#2 The Fed is theoretically independent. If they really were, they could announce that for every new spending by Congress that they'd raise interest rates a half a point. That would be 'interesting'.

Posted by Procopius2k 2023-03-08 07:17|| 2023-03-08 07:17|| Front Page Top

#3 Three January inflation numbers--CPI, PPI, and PCE deflator--were all nasty surprises. This is no time to let up.

The Fed has actually been pretty tight on money supply in the last year. But they have yet to make a meaningful dent in the $3 trillion they threw into the economy in 2020. It's still there, sloshing around and pumping up prices.

Posted by Tom 2023-03-08 11:59|| 2023-03-08 11:59|| Front Page Top

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