Federal Reserve officials were concerned at their meeting last month that consumers were increasingly anticipating higher inflation, and they signaled that much higher interest rates could be needed to restrain it.
The signs of economic sluggishness have intensified fears that high prices and rising rates could. Such concern has further complicated the Fed’s policymaking because a recession would normally lead it to cut rates to stimulate growth.
The Fed had been expected to raise rates by a half-point at last month’s meeting but ended up announcing a three-quarter point hike instead. At his news conference afterward, Powell mentioned recent economic reports that had heightened concerns about high inflation. Those reports included inflation data for May, which showed that the pace of price increases reached a 40-year high.
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