The “resilience” of both economic growth and the labour market could “could warrant further tightening of monetary policy”, the US central banker said.
| The US economy’s strength and continued tight labour markets could warrant further Federal Reserve interest rate increases, Fed chairman Jerome Powell said in remarks that appeared to push back against market expectations that the US central bank’s rate hikes had reached an end.
The Fed is “proceeding carefully” in evaluating the need for any further rate increases, Powell said, likely leaving intact current expectations that the Fed will leave its benchmark policy rate steady at the current 5.25 per cent to 5.5 per cent range at the upcoming October 31-November 1 meeting.There is evidence the labour market is cooling, Powell said, with some important measures approaching levels seen even before the pandemic.
“Our institutional role at the Federal Reserve is to monitor these developments for their economic implications, which remain highly uncertain,” Powell said. “Speaking for myself, I found the attack on Israel horrifying, as is the prospect for more loss of innocent lives.” “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 per cent through September, nearly twice the central bank’s target.
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