US interest rate hike not on the horizon, says Jerome Powell

Posted on by

U.S. Federal Reserve Chair Jerome Powell said on Wednesday that an interest rate hike does not appear to be a likely outcome as the Fed works to bring inflation down to its 2% target.

“You don’t rule things completely in or out in this world. That doesn’t appear to be a likely outcome,” Powell told a news conference when asked if he could rule out a rate increase as the Fed slows the pace of future cuts.

“I think we’re 4.3%, but that’s meaningfully restrictive, and I think it’s a well calibrated range for us to continue to make progress on inflation while keeping up a strong labor market,” he added.