U.S. Federal Reserve taking path laid out by Bank of Canada in rate decision
. The labour market is loosening a bit but is still way too tight. The economy is growing faster than expected. The sliding housing has found its footing. And, critically, core inflation measures – which are designed to get at the broader inflationary pressures across the economy – have remained stubbornly high, even at total inflation has retreated.
As Fed Chair Jerome Powell told a postannouncement news conference, lots of indicators are trending in the right direction, but not fast or far enough to make a convincing case for ending rate increases. Nevertheless, he said the Fed wants to take things a little slower as it looks for the finish line for this rate cycle.
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