President Joe Biden was hoping for a lift from the Federal Reserve this year. On Wednesday, the Fed dealt those hopes a blow.
Jay Powell, the central bank’s chair, confirmed what many have suspected for some time: interest rate cuts in the world’s biggest economy are not imminent. The economy remains too hot to start loosening monetary policy and the Fed’s mission to beat inflation back to its 2 per cent target is not complete.
The high borrowing costs American voters complain about are likely to linger at least until November’s presidential election.
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