Jay Powell sent a strong signal that the Federal Reserve will slow the pace of interest rate rises next month in an otherwise hawkish speech warning the US central bank has a long way to go in its fight against inflation.
“The time for moderating the pace of rate increases may come as soon as the December meeting,” the Fed chair said during an appearance at the Brookings Institution on Wednesday.
The remarks from Powell suggest the Fed is gearing up to “downshift” to a 0.5 percentage point increase when it gathers in two weeks after it raised rates by 0.75 points at each of its last four meetings.
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