Fed Chair Jerome Powell said on Wednesday the central bank would deliver more rate hikes next year even as the economy slips towards a recession, arguing that a higher cost would be paid if the Fed does not get a firmer grip on inflation.
Some analysts interpreted the reaction in rates and currency markets as a sign that traders doubt Powell's policy narrative, retaining bets for an early easing of inflation and a Fed pivot soon. Crude oil gave back some of Wednesday's 2.5% rally that was driven by forecasts of a rebound in energy demand next year on the back of China reopening after the COVID lockdowns.
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