Investors were hoping for a signal of moderated rate increases
JACKSON HOLE, Wyoming — Federal Reserve Chair Jerome Powell delivered a stark message Friday: The Fed will likely impose more large interest rate hikes in coming months and is resolutely focused on taming the highest inflation in four decades.
Powell’s message may disappoint investors who were hoping for a signal that the Fed might soon moderate its rate increases later this year if inflation were to show further signs of easing. Powell’s remarks were to kick off the Fed’s annual economic symposium at Jackson Hole, the first time the conference of central bankers will be held in person since 2019, after it went virtual for two years during the COVID-19 pandemic.
Yet the central bank finds itself at a turning point. At a news conference after its last policy meeting in late July, Powell suggested that the Fed might decide to slow its rate hikes after having imposed two straight three-quarter-point increases — historically large moves — in June and July. “He’s got to kind of take on the uncertainty about the outlook and try to explain what will they be looking for to make their policy decisions,” said William English, a professor at the Yale School of Management and former senior economist at the Fed.
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