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Fed to slightly inch up interest rates starting December

Fed to slightly inch up interest rates starting December

ArabFinance: Chairman of the United States Federal Reserve System, Jerome Powell, announced that the Fed could start doing slight incremental increases to the interest rates as of December 2022, CNBC reported on November 30th.

However, Powell warned that the Fed’s policy would still be restrictive for a time until progress is achieved with regard to inflation.

He noted that there was still a “long way” to achieve price stability.

Powell added that it is logical to ease the rate of interest rate hikes as the Fed approaches a target that is sufficient to reduce inflation.

In November, the Fed increased interest rates by 75 basis points (bps) for the fourth time in 2022.

 

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