{"id":25535,"date":"2023-06-21T13:01:19","date_gmt":"2023-06-21T17:01:19","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/nearly-all-fed-officials-expect-more-interest-rate-hikes-will-be-appropriate-this-year-powell-says\/"},"modified":"2023-06-21T13:01:20","modified_gmt":"2023-06-21T17:01:20","slug":"nearly-all-fed-officials-expect-more-interest-rate-hikes-will-be-appropriate-this-year-powell-says","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=25535","title":{"rendered":"Nearly All Fed Officials Expect More Interest Rate Hikes Will Be &#8216;Appropriate&#8217; This Year, Powell Says"},"content":{"rendered":"<div>\n<h2 class=\"topline-heading\">Topline<\/h2>\n<p>Federal Reserve chairman Jerome Powell said Wednesday nearly all central bank officials agree more interest rate increases will be \u201cappropriate,\u201d dampening Wall Street\u2019s hopes of a Fed pause.<\/p>\n<h2>Key Facts<\/h2>\n<div class=\"key-facts\">\n<div class=\"key-facts-element\">\n<p>\u201cIt will take time\u2026 for the full effects of monetary restraint to be realized, especially on inflation,\u201d Powell said in prepared remarks released ahead of his testimony before Congress beginning at 10 a.m. ET.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Powell cited expectations that inflation will remain \u201cwell anchored\u201d above the Fed\u2019s long-held 2% target; inflation hit a two-year low of 4% last month.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Stock futures were down moderately immediately after the comments were released, as the Dow Jones Industrial Average, S&amp;P 500 and tech-heavy Nasdaq each slipped about 0.3%.<\/p>\n<\/p><\/div>\n<\/div>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Key Background<\/h2>\n<p>The federal funds rate, which helps set the rate at which banks can lend to each other and impacts all borrowing costs from mortgages to student loans, is 5% to 5.25%. That\u2019s five percentage points higher than it was in the two years ending March, after the Fed bumped rates at 10 consecutive meetings of its policy-setting panel. The Federal Open Markets Committee decided not to hike rates at its meeting last week, which some hoped signaled the end of the tightening cycle.<\/p>\n<p><fbs-ad position=\"inread\" progressive=\"\" ad-id=\"article-0-inread\" aria-hidden=\"true\" role=\"presentation\"><\/fbs-ad><\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">What To Watch For<\/h2>\n<p>How stocks will respond following further increases to interest rates. In the three most recent instances in which the Fed paused hikes in a tightening cycle before resuming increases, the S&amp;P rose 19% in the 12 months following the first pause.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Crucial Quote<\/h2>\n<p>\u201cThe easy part of reducing inflation is over, which was the transitory part that had to do with energy prices and supply-related bottlenecks from the pandemic,\u201d Bank of America analysts led by Vadim Iaralov wrote in a Wednesday note to clients. \u201cWhat remains is much more difficult to reduce in our view, as it has to do with the very tight labor markets and would require an actual landing of the economy.\u201d<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\"><\/h2>\n<p>Fed Pauses Interest Rate Hikes For First Time In Over A Year\u2014But Signals More May Still Come (<em>Forbes<\/em>)<\/p>\n<p>Dow Tanks 250 Points\u2014And Some Experts Warn More Pain May Be On Deck (<em>Forbes<\/em>)<\/p>\n<p>Here\u2019s How Stocks Performed After The Fed Stopped Hiking Rates In The Past (<em>Forbes<\/em>)<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.forbes.com\/sites\/dereksaul\/2023\/06\/21\/nearly-all-fed-officials-expect-more-interest-rate-hikes-will-be-appropriate-this-year-powell-says\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Topline Federal Reserve chairman Jerome Powell said Wednesday nearly all central bank officials agree more interest rate increases will be \u201cappropriate,\u201d dampening Wall Street\u2019s hopes of a Fed pause. Key Facts \u201cIt will take time\u2026 for the full effects of monetary restraint to be realized, especially on inflation,\u201d Powell said in prepared remarks released ahead [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":25536,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-25535","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Nearly All Fed Officials Expect More Interest Rate Hikes Will Be &#039;Appropriate&#039; This Year, Powell Says | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Topline Federal Reserve chairman Jerome Powell said Wednesday nearly all central bank officials agree more interest rate increases will be \u201cappropriate,\u201d\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=25535\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nearly All Fed Officials Expect More Interest Rate Hikes Will Be &#039;Appropriate&#039; 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