The Federal Reserve chair is expected to push back against the optimistic view that interest rate hikes are coming to an end soon.
WASHINGTON — The Federal Reserve extended its fight against high inflation Wednesday by raising its key interest rate by a quarter-point, its . And the Fed signaled that even though inflation is easing, it remains high enough to require further rate hikes.
Yet he also stressed that it was too soon to declare victory over the worst inflation bout in four decades: “We will need substantially more evidence to be confident that inflation is on a long, sustained downward path.” — and even larger rate increases before that — will likely further raise the costs of many consumer and business loans and the risk of a recession.
The central bank’s benchmark rate is now in a range of 4.5% to 4.75%, its highest level in 15 years. Powell appeared to suggest Wednesday that he foresees two additional quarter-point rate hikes: He noted instead that some financial gauges, like mortgage rates, are much higher than they were when the Fed began raising rates.
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