The Federal Reserve continued its campaign to aggressively push up interest rates Wednesday, with a fourth-straight 0.75 percentage point rate rise, while also giving some sense of what might lead it to slow down its rate rising campaign in the future.
Federal Reserve Chair Jerome Powell at the central bank's September news conference. Photo: Chen Mengtong/China News Service via Getty Imagescontinued its campaign to aggressively push up interest rates Wednesday, with a fourth-straight 0.75 percentage point rate rise, while also giving some sense of what might lead it to slow down its rate rising campaign in the future.The central bank's policymaking committee raised the bank lending rate it targets to a range of 3.
"It's premature to discuss pausing [interest rate increases]. It's not something that we're thinking about and that's really not a conversation to be had now. We have a ways to go," Powell told reporters.Powell said economic data since its last policy meeting, including hot inflation and labor market readings, suggest that the ultimate level of interest rates will be higher than previously expected.
It is aiming to bring inflation down from its scorching recent levels, including an 8.2% rise in the Consumer Price Index over the last 12 months.
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