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Fed open to speedier interest rates hikes if high inflation persists - Powell

Published 03/21/2022, 01:31 PM
Updated 03/21/2022, 01:36 PM
© Reuters. FILE PHOTO: U.S. Federal Reserve Chairman Jerome Powell testifies during the Senate Banking Committee hearing titled "The Semiannual Monetary Policy Report to the Congress", in Washington, U.S., March 3, 2022. Tom Williams/Pool via REUTERS

(Reuters) - Federal Reserve policymakers will consider speeding up the pace of interest rate hikes this year should high inflation not begin to abate, Federal Reserve Chair Jerome Powell said on Monday.

"The expectation going into this year was that we would see inflation peaking in the first quarter, then maybe leveling out and see a lot of progress in the second half. That story has already fallen apart," Powell said in comments to a National Association for Business Economics conference in Washington. "To the extent it continues to fall apart my colleagues and I may well reach the conclusion we'll need to move more quickly and if so we'll do so."

He repeated that as part of that policymakers would raise interest rates by 50 basis points at any meeting or meeting if they felt it was required.

Latest comments

Let’s face it, the world is at a tipping point on many different levels, but what we do know is that all the financial instruments cannot be at all-time highs or elevated at the same time. Stocks, commodities, real estate, crypto, etc are all elevated by the the collective Central Bank stimulus over the last 14 years (since 2008 crash) cheap money for that long has created numerous problem areas that now must be addressed. Of course inflation is finally running rampant, and of course the Central Banks are now backed into a corner to raise rates.. this “soft landing” will not be so soft. We all need to be prepared for the next surprise.. good luck everyone
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