2023-06-22 22:06:28
US Federal Reserve Chairman Jerome Powell said Thursday that the majority of Federal Open Market Committee members believe in further rate hikes, but said the move would be at a cautious pace.
Powell said in a hearing before the Senate Banking Committee, as reported by Archyde.com, that the Fed is at least close to the area that it is targeting, “and it only makes sense to move, at a cautious pace.”
He pointed out that fixing interest rates last week was aimed at slowing the speed with which the Fed raised the cost of borrowing.
Last week, the Fed calmed down the series of monetary tightening of interest rates following raising it for more than a year, in 10 consecutive meetings, and decided to fix interest rates in a range between 5 and 5.25%.
While the Fed data indicated the possibility of increasing interest rates twice this year, by 25 basis points each time.
According to Archyde.com, investors now expect interest rate hikes to resume in July.
The next benefit determination committee meeting, on July 25-26, is scheduled to be broadcast live.
(Prepared by: Shaima Hefzy, contact zawya.arabic@lseg.com)
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