Breitbart Business Digest: Powell Still Won’t Admit Rate Hikes Might Be Coming

recently took the stage in Amsterdam Tuesday with a message that seemed at once resolute and uneasy: the Fed is no longer anticipating several rate cuts this year but is instead committed to keeping interest rates at their highest levels in over two decades.the Fed is unlikely to cut interest rates this year

or even early next year. The inflation beast remains stubbornly untamed, as today’s producer price index report grimly illustrates with a 0.5 percent month-over-month rise, equivalent to a 6.4 percent annual pace and much hotter than anticipated.Powell’s shift in tone is telling. His once buoyant confidence in an imminent inflation decline has been replaced by a cautious approach.

“If only Powell had refrained from signaling rate cuts in December and stuck to the “higher for longer” script, the economy could have slowed sufficiently to allow actual rate cuts in the coming month,” Bessent We would add to this a point we’ve made several times at Breitbart Business Digest: the fact that Fed officials have consistently projected that eventually the federal funds rate will return to 2.5 percent or so has likely undermined efforts to tighten financial conditions. Thisand that today’s level is a temporary high means that debt issued today will be able to be refinanced later at a lower rate in the not-too-distant future.

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