When the Fed ends its latest meeting Wednesday and Federal Reserve Chair Jerome Powell holds a news conference, Americans will likely get a better idea of how much pain could be in store.
Last month, when Federal Reserve Chair Jerome Powell spoke at an economic conference in Jackson Hole, Wyoming, he issued a blunt warning: The Fed's drive to curb inflation by aggressively raising interest rates, he said, would "bring some pain" for Americans.The U.S.
When the Fed ends its latest meeting Wednesday and Powell holds a news conference, Americans will likely get a better idea of how much pain could be in store. Short-term rates at that level would make a recession likelier next year by sharply raising the costs of mortgages, car loans and business loans. The Fed intends those higher borrowing costs to slow growth by cooling a still-robust job market to cap wage growth and other inflation pressures. Yet the risk is growing that the Fed may weaken the economy so much as to cause a downturn that would produce heavy job losses.
The inflation report also documented just how broadly inflation has spread through the economy, complicating the the Fed's task. Inflation now appears increasingly fueled by higher wages and by consumers' steady desire to spend and less by the supply shortages that had bedeviled the economy during the pandemic recession.
At his news conference Wednesday, Powell isn't likely to drop any hints that the central bank will ease up on its credit tightening campaign. Most economists expect the Fed to stop raising rates in early 2023. But for now, they expect Powell to reinforce his hard-line anti-inflation stance.
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