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Fed's Powell says it's 'premature' to pause interest rate hikes: 'A way to go'
Fed’s Powell makes it clear more rate hikes to come
FOX Business’ Edward Lawrence asks Fed Chair Jerome Powell how much of a headwind government spending is to the Fed’s inflation target and its plans for future rate hikes.
Federal Reserve Chairman Jerome Powell on Wednesday dashed any hopes that investors had for an interest rate hike pivot.
Speaking at a press conference after the Fed's two-day meeting – during which policymakers delivered the fourth straight 75-basis-point rate increase – Powell struck a surprisingly hawkish tone.
"Let me say this," he told reporters. "It is very premature to be thinking about pausing. When people hear lags, they think about pauses. It's very premature, in my view, to talk about pausing our rate hikes. We have a way to go."
Powell's comments came in response to a new, eye-catching sentence in the Fed's updated statement that Wall Street interpreted to mean the central bank was considering slowing its aggressive rate hike path in coming meetings.
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