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The Federal Reserve kept interest rates the same but did signal higher rising cost of living as well as an opportunity of two price walks as quickly as 2023.
Fed Chair Jerome Powell made clear the reserve bank rate announcement in an interview, attracting parallels between rising cost of living and also the rise in lumber rates, which are now settling down.
Powell also advised taking the Fed's dot story with a "large grain of salt," adding that it is not a plan.
" We did not have a discussion whether a lift-off is appropriate at any type of specific year. It is prematurely to talk about that," Powell stated. "The dot plot is not a terrific forecaster of future rate relocations."
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Fed Chair Powell says inflation will be like the 'lumber experience'
The Federal Reserve kept interest rates unchanged but did signal higher inflation and a possibility of two rate hikes as soon as 2023.
Fed Chair Jerome Powell clarified the central bank rate announcement in a press conference, drawing parallels between inflation and the surge in lumber prices, which are now settling down.
Powell also advised taking the Fed's dot plot with a "big grain of salt," adding that it is not a plan.
"We did not have a discussion whether a lift-off is appropriate at any particular year. It is too early to talk about that," Powell stated. "The dot plot is not a great forecaster of future rate moves."
__________________________________________________________________
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