The central bank slowed its policy tightening pace but disappointed investors by stating it was far from done and too soon to discuss interest rate cuts.
The Federal Reserve slowed its pace of policy tightening, but disappointed more dovish leaning investors by declaring it was too soon to discuss the prospect of interest rate cuts, underscoring its determination to defeat high inflation.
“The inflation data received so far in October and November show a welcome reduction in the pace of price increases, but it will take substantially more evidence to give confidence inflation is on a sustained downward path,” Mr Powell said.Inflation, based on the Fed’s preferred measure, stays above the central bank’s 2 per cent target at least until the end of 2025. It is expected to hold above 3 per cent next year.
Yet, some economists are not as optimistic: Commonwealth Bank anticipates the US economy will contract modestly in 2023, and price growth will cool at a faster pace than anticipated based on measures of underlying inflation which, it believes, appeared to have peaked.
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