Since the Federal Reserve in March embarked on what is now the fastest pace of interest rate rises since 1981, it has provided painstaking detail about its future plans to tighten monetary policy.
On Wednesday, that changed, with chair Jay Powell announcing the US central bank would shy away from offering an official running commentary on its quest to stamp out soaring inflation.
“It’s time to just go to a meeting-by-meeting basis and to not provide the kind of clear guidance that we had provided,” Powell said at a press conference after the Fed increased its main interest rate by 0.75 percentage points for the second month in a row.
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