Federal Reserve Chairman Jerome Powell cautioned Wednesday against any sense the central bank will soon move to the sidelines with interest rate rises.
“It is very premature to be thinking about pausing” on the effort to lift the federal funds target rate, Powell said. He spoke at a press conference following a Federal Open Market Committee meeting that saw officials raise rates by 75 basis points and signal a possibility they may soon be able to downshift to slower rate rises while taking stock of how past actions are affecting the economy.
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