{"id":52956,"date":"2023-08-25T11:56:56","date_gmt":"2023-08-25T15:56:56","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/fed-prepared-to-further-hike-interest-rates\/"},"modified":"2023-08-25T11:56:58","modified_gmt":"2023-08-25T15:56:58","slug":"fed-prepared-to-further-hike-interest-rates","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=52956","title":{"rendered":"Fed \u2018Prepared\u2019 To Further Hike Interest Rates"},"content":{"rendered":"
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Topline<\/h2>\n

The Federal Reserve has no plans to take its foot off the gas in its tightening campaign aimed at curbing inflation, the central bank\u2019s chairman Jerome Powell said Friday morning at the Fed\u2019s annual symposium in Jackson Hole, Wyoming.<\/p>\n

Key Facts<\/h2>\n
\n
\n

\u201cIt is the Fed\u2019s job to bring inflation down to our 2% goal, and we will do so,\u201d Powell began his prepared remarks.<\/p>\n<\/p><\/div>\n

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The Fed is \u201cprepared\u201d to raise interest rates further \u201cif appropriate,\u201d Powell indicated; the federal funds rate currently sits at a 22-year high.<\/p>\n<\/p><\/div>\n

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The war on inflation has a \u201clong way to go even with the more favorable recent readings,\u201d Powell added.<\/p>\n<\/p><\/div>\n

\n

Stocks were little changed immediately after Powell\u2019s speech began, and the Dow Jones Industrial Average, S&P 500 and tech-heavy Nasdaq were each in the green.<\/p>\n<\/p><\/div>\n<\/div>\n

Big Number<\/h2>\n

4%. That\u2019s how much the S&P is down so far in August, on pace for its worst month of 2023.<\/p>\n

Key Background<\/h2>\n

Jackson Hole is the site of the Fed\u2019s summer summit discussing the broad direction of American monetary policy. At last year\u2019s meeting, Powell cautioned Americans about impending \u201cpain\u201d stemming from an elevated interest-rate environment as inflation raged. Investors felt the pain immediately, as the Dow, S&P and tech-heavy Nasdaq indexes each fell 10% or more in the month after Powell\u2019s address. The S&P remains down 8% from the beginning of last year, when rates stood near zero.<\/p>\n

<\/fbs-ad><\/p>\n

Tangent<\/h2>\n

2022\u2019s historic surge in inflation actually came after Powell dismissed the effect of pandemic-driven price increases at Jackson Hole in 2021, describing inflation as \u201ctemporary\u201d on five different occasions during his keynote speech. Core inflation has since come back down to a more palatable 4.7%, but remains well above the Fed\u2019s long-stated 2% target.<\/p>\n

<\/h2>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Topline The Federal Reserve has no plans to take its foot off the gas in its tightening campaign aimed at curbing inflation, the central bank\u2019s chairman Jerome Powell said Friday morning at the Fed\u2019s annual symposium in Jackson Hole, Wyoming. Key Facts \u201cIt is the Fed\u2019s job to bring inflation down to our 2% goal, […]<\/p>\n","protected":false},"author":1,"featured_media":52957,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-52956","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-featured"],"yoast_head":"\nFed \u2018Prepared\u2019 To Further Hike Interest Rates | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Topline The Federal Reserve has no plans to take its foot off the gas in its tightening campaign aimed at curbing inflation, the central bank\u2019s chairman\" \/>\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=52956\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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