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jerome powell: Powell cautions against ‘prematurely’ lowering rates

by WOOWinvest
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jerome powell: Powell cautions against ‘prematurely’ lowering rates

Washington: Federal Reserve Chair Jerome Powell said the US central bank is committed to raising interest rates and keeping them high until inflation comes down, and warned against reversing course too soon.

“The historical record cautions strongly against prematurely loosening policy,” Powell told reporters after the Fed announced its third consecutive 0.75 percentage point increase in the benchmark interest rate.

He said there is no room for complacency and the Fed will “keep at it until the job is done,” although at some point it will be appropriate to slow the pace of rate increases.

Powell said policymakers see the need to lift the policy rate to a “restrictive level” and “keep it there for some time.”

“We’re committed to getting inflation back down to 2%,” he added.

The Fed’s latest quarterly summary of policymaker projections shows US central bankers expect to raise the policy rate, now in the 3%-3.25% range after Wednesday’s increase, to 4.4% by the end of this year and to 4.6% by the end of next year, according to the median estimate of all 19 Fed policymakers.

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