Zachary Halaschak is an economics reporter at the Washington Examiner. Before moving to Washington, he worked in Alaska, covering politics, government, and crime for the Ketchikan Daily News. While there, Zach won the Alaska Press Club’s second-place award for best reporting on crime or courts for his coverage of a local surgeon’s alleged murder.
Federal Reserve Chairman Jerome Powell indicated the Fed would keep interest rates steady at its next meeting but left the door open to hikes in following months if needed to curb inflation.
Markets interpreted Powell’s speech as meaning there won’t be a hike at the next meeting as well. After the speech, investors assigned a 100% chance that the central bank will hold rates steady again, according to CME Group’s FedWatch tool, which calculates the probability using futures contract prices for rates in the short-term market targeted by the Fed.
Powell also touched on the strength of the economy in the face of the quick tightening, which began in earnest in March of last year. “Forecasters generally expect gross domestic product to come in very strong for the third quarter before cooling off in the fourth quarter and next year. Still, the record suggests that a sustainable return to our 2% inflation goal is likely to require a period of below-trend growth and some further softening in labor market conditions,” he said.
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