US Fed makes fourth jumbo rate increase and signals more to come
The Fed made clear in its policy statement that it would soon slow down the rate increases, giving officials more time to see how the economy was digesting its moves to date.
That pushed stocks higher as investors sensed a letup in the Fed’s aggressive push to constrain the economy.
But Fed Chair Jerome Powell underscored during a news conference after the central bank’s two-day meeting that policymakers were dedicated to wrestling price increases lower and were nowhere near stopping their efforts to raise borrowing costs and slow growth.
The Fed lifted rates another three-quarters of a point this week, setting them in a range between 3.75 per cent and 4 per cent.