The central bank also indicated that rate hikes could be halted soon as they— around additional tightening likely being necessary to bring inflation down — out of their policy guidance.
In a press conference, Fed Chairman Jerome Powell noted that it was a "meaningful" shift, but that policy decisions would continue to be data-dependent. He added that there was "a long way to go" before inflation returns to its 2% target and that it may beThat fueled concerns about the impact elevated rates may have on the economy and whether a recession is on the horizon.
On Thursday, fresh balance of trades figures for March and initial weekly jobless claims data are expected.
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