Fed hikes rates one more time as war on inflation enters new phase

Following two days of meetings this week, central bank policymakers didn’t close the door on raising borrowing costs further but suggested they’re now taking a wait-and-see approach.

Following two days of meetings this week, central bank policymakers didn’t close the door on raising borrowing costs further but suggested they’re now taking a wait-and-see approach. If no more rate hikes are ahead, the question then becomes how long the central bank will hold borrowing costs at punishingly high levels and how well the job market will hold up.

Staff economists at the Fed are projecting a mild recession later this year, although they expect the economy to begin recovering by next year, timing that could prove crucial for President Joe Biden as he seeks a second term in the White House.

After two days of meetings this week, central bank policymakers didn’t close the door on raising borrowing costs further but did suggest they’re now taking a wait-and-see approach.

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