Federal Reserve Chair Jerome Powell is set to deliver what will be his most closely scrutinized speech of the year Friday.
JACKSON HOLE, Wyoming — When Federal Reserve Chair Jerome Powell delivers what will be his most closely scrutinized speech of the year Friday, investors and economists will be turning over his remarks for any clues about how fast the Fed may continue to raise its key interest rate — and for how long.
Those hikes have led to higher costs for mortgages, car loans and other consumer and business borrowing. Home sales have been plunging since the Fed first signaled it would raise borrowing costs. “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.
At the same time, inflation is still crushingly high, though it has shown some signs of easing, notably in the form of declining gas prices.At its meeting in July, Fed policymakers expressed two competing concerns that highlighted their delicate task. Since then, though, many Fed officials have pushed back against any notion that they're close to easing up on their inflation fight.
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