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Federal Reserve Chair Jerome Powell explained that the central bank decided to pause in September because they believed the impact of previous hikes was still working its way through the system, but most FOMC members see one more hike in 2023.
“The fact that we’ve decided to maintain the policy rate at this meeting does not mean that we’ve decided that we have or have not at this time reached that stance of monetary policy that we are seeking,” he said.
When asked about the reason for potential rate cuts being pushed further out, Powell said the Fed’s higher-for-longer stance is primarily about strong growth rather than sticky inflation.
“Rather than pointing more to a sense of inflation having become more persistent […] it’s more about stronger economic activity, I would say, if I had to attribute it to one thing,” Powell said.
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