Powell Points Republicans to Forecasts Showing One More Hike By Bloomberg

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Powell Points Republicans to Forecasts Showing One More Hike

Published Mar 29, 2023 02:50PM ET Updated Mar 29, 2023 03:36PM ET

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Powell Points Republicans to Forecasts Showing One More Hike

(Bloomberg) -- Federal Reserve Chair Jerome Powell, asked in a private meeting with US lawmakers how much further the central bank will raise interest rates this year, pointed to policymakers’ latest forecasts showing they anticipate one more increase, according to Republican Representative Kevin Hern.

Hern is the chairman of the Republican Study Committee, the group of conservatives with whom Powell met on Wednesday.

The Fed chief was essentially recapping what policymakers made clear last week when they released new interest-rate forecasts, known as the Fed’s dot plot, following their two-day meeting in Washington.

“The most recent one that they’ve acknowledged is they anticipate one more rate hike this year,” Hern, of Oklahoma, told reporters after the meeting with Powell.

Fed officials raised interest rates by a quarter percentage point, continuing their yearlong fight to cool price pressures despite recent turmoil in the banking system.

The move lifted their policy benchmark to a 4.75% to 5% target range, from near zero in March 2022.

Forecasts released at the same time show the 18 officials expect rates to reach 5.1% by the end of the year, according to their median projection, implying one more 25 basis-point hike.

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