The Federal Reserve will proceed “carefully” with forthcoming monetary policy decisions, its chair said on Thursday, in the latest indication that the US central bank is preparing to hold interest rates steady at its meeting later this month.
Jay Powell struck a cautious tone just days before the central bank’s scheduled “blackout” period ahead of a two-day meeting starting on October 31, after which public communications are limited.
Powell pointed to a range of risks officials now must consider as they determine how much more to squeeze the world’s largest economy to tame inflation. But he also emphasised that the impact of the Fed’s rate-raising campaign of the past 18 months was not yet fully visible.
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