Federal Reserve Chairman Jerome Powell vowed tough action on inflation, which he said jeopardizes an otherwise strong recovery.
Highlights
- Federal Reserve Chairman Jerome Powell vowed tough action on inflation, which he said jeopardizes an otherwise strong economic recovery.
- Powell said interest rate hikes would continue until inflation is under control.
- The Fed raised interest rates for the first time in more than three years in an attempt to battle inflation that is running at its highest level in 40 years.
- The central bank leader said the increases could be even higher if necessary than the quarter-percentage point move approved at the meeting.
- Markets are pricing in about a 50-50 chance the next hike, at the May meeting, could be 50 basis points.
- The Fed has indicated that 25 basis point increases are likely at each of their remaining six meetings this year.