“The time for moderating the pace of rate increases may come as soon as the December meeting,” he said in remarks at the Hutchins Center on Fiscal and Monetary Policy, his last public appearance before the central bank enters a blackout period ahead of its December 13-14 policymaking meeting. “Despite some promising developments, we have a long way to go,” Powell said, noting that the Fed has “not seen clear progress” on decades-high inflation plaguing the economy.
The decline in job openings is a positive development, Powell said Wednesday. While the relationship between job openings and unemployment is a “very fraught one,” he noted, he and other Fed officials believe there’s a possibility that the labor market could come back into balance via a decline in job openings as opposed to a spike in job losses. “We’ve seen that so far, but it’s way too early,” he said.
United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
U.S. stocks rally as Powell says pace of rate hikes likely to slow in DecemberU.S. stocks rallied Wednesday afternoon after Federal Reserve Chairman Jerome Powell said the central bank could slow the pace of interest-rate hikes in...
Read more »