The Fed does not disclose how each policymaker voted at its rate-setting meetings. This suggests that one or two more officials on the central bank’s 19-member rate-setting committee were in Mester and Bullard’s camp. The minutes said “a few” officials supported a larger increase. Louis Fed, said last week that they had supported half-point increases in the Fed’s key rate at the Feb. Omair Sharif, president of Inflation Insights, said he thinks the Fed will forecast more rate hikes at next month’s meeting, to a range of 5.5% to 5.75%, a half-point higher than the policymakers had projected in December.īoth Loretta Mester, president of the Federal Reserve Bank of Cleveland, and James Bullard, president of the St. In response, Fed officials may signal when they next meet in March that they’re considering additional rate hikes and the prospect of keeping rates high long after they have stopped raising them. More recent data, though, has signaled a potential resurgence of growth as well as sustained inflation pressures. At the time of their meeting early this month, most government data was suggesting that the economy was cooling and that inflation was steadily slowing. Central Banks, Current Interest Rate, Next Meeting, Last Change. The broad consensus among the central bank officials to continue raising rates is notable, economists said. Neel Kashkari, President of the Federal Reserve Bank of Minneapolis, mentioned on. Last year’s three-quarter-point rate hikes marked the fastest pace of credit tightening in four decades.Īt this month’s meeting, Fed officials unanimously agreed that “ongoing increases” in the Fed’s key rate “would be appropriate,” which points to additional hikes in the next two meetings, at least.įederal Reserve Chair Powell hints at a pause in rate hikes when central bank meets next month The central bank’s rate hikes typically lead to more expensive mortgages, auto loans, credit card borrowing and business lending. It followed a half-point rate increase in December and four three-quarter-point hikes before that. The increase raised the Fed’s benchmark rate to a range of 4.5% to 4.75%, the highest level in 15 years. 31-Feb.1 meeting said most of the officials supported the quarter-point increase because a slower pace “would better allow them to assess the economy’s progress” toward reducing inflation to their 2% target. The Federal Reserve on Wednesday approved its 10th interest rate increase in just a little over a year and dropped a tentative hint that the current tightening cycle is at an end. WASHINGTON (AP) - Nearly all Federal Reserve policymakers agreed earlier this month to slow the pace of their rate increases to a quarter-point, with only “a few” supporting a larger half-point hike.
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