Sign Up on MEXCFed Chair Jerome Powell Hints At Slower Rate Hike In December
U.S. Federal Reserve chairman Jerome Powell said in the FOMC press conference the Fed is strongly committed to restrict inflation. He said that at some point down the line, it will become appropriate to slow pace of rate hikes. Powell hinted at a potential slowing down of rate hike within the next two meetings. However, he affirmed that no such decision has yet been taken and will be discussed in the next meeting in December.
“Without price stability, the economy does not work for anyone.”
Thanks to the fourth straight 75 basis-point interest rate increase, the crypto prices turned green while Bitcoin showed slight bullish momentum following the Fed announcement. As of writing, Bitcoin price stands at $20,726, up 1.45% in the last 24 hours, according to price tracking platform CoinMarketCap.
Slower Rate Hike In Next Meeting
Interestingly, Powell said the time to slow rate hikes may come ‘as soon as next meeting’. This could be an ecouraging sign for the market that anticipated a 75 basis point rise this time around with a signal of slowing down of interest rate hike in December 2022.
NEW: Jerome Powell says the time to slow rate hikes may come "as soon as the next meeting or the one after that" https://t.co/SabN0ghO6z pic.twitter.com/EuZ0eGA6XV
— Bloomberg (@business) November 2, 2022
“We still have some ways to go. Incoming data since our last meeting suggests that the ultimate level of interest rates will be higher than previously expected.”
The committee said in the statement that it will continue to monitor the implications of incoming information for the economic outlook. It said the committee would be prepared to adjust the stance of monetary policy appropriately. If risks emerge that could impede the attainment of the committee’s goals, they would be evaluated, it added.
The future interest rate hikes would be dependent on the cumulative tightening of monetary policy. “In determining the pace of future increases in the target range, the committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments.”
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