Fed chair: June, July hikes likely
Federal Reserve Chair Jerome Powell said further interest rate hikes were likely in June and July, following a half percentage-point raise at the Fed's May meeting. That increase marked the first time since 2006 that interest rates have been raised at two consecutive meetings and comes amid decades-high inflation. Commenting on the likelihood of future rate hikes, Powell told Marketplace Radio: "If the economy performs about as expected, it would be appropriate for there to be additional 50 basis-point increases at the next two meetings."
- Powell, 69 years old, was confirmed by the Senate to his second four-year term as central bank chief.
Director EM/G10 Fx / Markets & Fx Specialist
Too little too late.