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Oct 19 - The U.S. economy's strength and continued tight labor markets could warrant further Federal Reserve interest rate increases, Fed Chair Jerome Powell said on Thursday in remarks that appeared to push back against market expectations that the U.S. central bank's rate hikes had reached an end.
Since the Fed began raising interest rates in March of 2022 the unemployment rate has varied little from the current 3.8%, below the level most Fed officials feel is noninflationary, and overall economic growth has generally remained above the 1.8% annual growth rate Fed officials see as the economy's underlying potential.
Powell also noted a number of fresh"uncertainties and risks" that need to be accounted for as the Fed tries to balance the threat of allowing inflation to rekindle against the threat of leaning on the economy more than is necessary. He also noted recent market-driven increases in bond yields that have helped to"significantly" tighten overall financial conditions.
"Inflation is still too high, and a few months of good data are only the beginning of what it will take to build confidence that inflation is moving down sustainably toward our goal," Powell said, citing the progress made since inflation peaked last year but also noting that one of the Fed's main measures of inflation remained at 3.7% through September, nearly twice the central bank's target.
Data since the Fed's last meeting also has shown U.S. job growth reaccelerating unexpectedly, retail sales defying predictions of a slowdown and varying measures of prices offering inconsistent signals about whether inflation is on track to return to the Fed's 2% target in a timely manner.
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