But the meeting could also mark a pivotal turning point for the central bank’s decision making: a return to normal. The Fed is expected to slow the pace of rate hikes to a quarter percentage point, down from a half point in December. That would raise the interest rate that banks charge each other for overnight borrowing to a range of 4.5% to 4.75%, the highest since October 2007.
Consumer confidence data indicates uncertainty about the future, and recession fears have risen, especially among CEOs. That might sound like bad news, but it means that the Fed’s mission to cool the economy and stall price increases is working. In December, Powell outlined how he hopes to win his ongoing fight against inflation: Limit economic growth and rebalance the labor market, which he said would allow inflation to return to a growth rate of about 2%.
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