Despite two straight months of slowing price spikes, Fed officials raised interest rates yet again on Wednesday — and said they are now more pessimistic about what inflation might look like next year, according to widely anticipated projections that central bank policymakers released after their meeting.
“We made less progress than expected on inflation,” Chair Jerome Powell said at his post-meeting press conference. “I can’t tell you confidently that we won’t move up our estimate of the peak [interest] rate again.” Members of the Fed’s rate-setting committee said they expect the so-called personal consumption expenditure index — the measure of inflation they watch most closely — to rise 5.6 percent this year, still nearly three times more than their 2 percent target. But they now expect to close out 2023 with PCE still a touch above 3 percent. That’s compared to last quarter, when they projected inflation would stand at 2.8 percent at the end of next year.
Powell has said he’s closely watching the upward pressure that the remarkably strong labor market is putting on wages, which he says could prevent inflation from falling back to 2 percent.
jack called it
So where are the GOP accountability folks? The Fed is in elected in governed and control the whole F’n economy! That’s a little too much if you ask me
The Fed also indicated that Main Street needed to chill, that they would always do whatever benefited Wall Street and the Big Banks and the little people would just have to suffer along.
This though. 👇
Fed Chair Powell is a far bigger threat to Americans well-being than Donald Trump currently is. His intent to continue to raise interest rates in the face of declining inflation will drive the US into a deep recession. One man who acted too late will impoverish so many.
This is ridiculous.. of course they will after people went out and Christmas shopped the last 4 weeks someone needs to fix this ..
biden sucks at being potus
Great 😏
Inflation hasn’t cooled. You are ignoring last years inflation of 6.8% year over year & how now there’s an additional 7.1% on top of that. 14.38% inflation since the Biden regime started his reign.
Keep going!
Are they trying to plunge us into recession?