Jay Powell warned US interest rates would peak at a higher level than previously expected even as he held out the possibility of the Federal Reserve slowing down the pace of its campaign to tighten monetary policy.
Speaking after the central bank increased its main interest rate by 0.75 percentage points for the fourth time in a row, Powell warned the Fed had “some ways to go” in its quest to tame soaring prices and pointed to a string of economic reports suggesting it has yet to make a dent in inflation.
“Data since our last meeting suggests that the ultimate level of interest rates will be higher than expected,” he added.
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