Federal Reserve raises interest rates again

The Federal Reserve raised interest rates three-quarters of a percentage point, the sixth interest rate hike of the year. Federal Reserve Chairman Jerome Powell says additional increases are expected.

“We think there’s some ground to cover before we meet that test and that’s why we say ongoing interest rate increases will be appropriate,” says Powell. “Incoming data between the meetings, both the strong labor market report and the Consumer Price Index, suggest to me we may ultimately move to higher levels than we thought at the time of the September meeting.”

Powell says the time is coming to slow the pace of interest rate increases, but no decisions are made yet.

“The question of when to moderate the pace of increases is much less important than the question of how high to raise rates and how long to keep monetary policy restricted, which really will be our principal focus.”

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