Federal Reserve chairman Jerome Powell speaks during a House Financial Services Committee hearing in Washington.
Australia’s S&P/ASX 200 index lost 1.17%, while Japan’s Nikkei eased 0.25%. China and Hong Kong stock markets are closed for a holiday. Powell in his remarks to lawmakers in Washington said the outlook for two further 25 basis point rate increases are “a pretty good guess” of where the central bank is heading if the economy continues in its current direction.Kevin Cummins, chief economist at NatWest Markets, said Powell’s testimony didn’t shed any new light on the Fed’s thinking or the likely future path for monetary policy, adding that his tone was very similar to last week’s press conference and mostly leaned hawkish.
The comments highlight the growing debate at the central bank over when and if the central bank should hike further. “Where other central banks’ concern is now slower-than-hoped easing, the UK is still seeing acceleration,” said Taylor Nugent, an economist at National Australia Bank, referring to runaway UK inflation, which held at 8.7% in May.
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