US Federal Reserve Chairman Jerome Powell said today, Wednesday, that officials have not yet decided how much they will increase interest rates at their next monetary policy meeting.
“We haven’t made any decision about the March meeting, and we won’t until we see the additional data” that will be released between now and the March 21-22 Federal Open Market Committee meeting, he told a House committee as part of testimony on economics and monetary policy.
“We are not on a predetermined path,” Powell continued, and the upcoming data will help determine whether a 25 basis point or 50 basis point increase is needed at the next meeting of officials.
Powell’s comments yesterday and today indicated that the Federal Reserve may have to raise interest rates and keep them higher for longer in light of strong economic data and continued high inflation.
