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Rate Hikes Still Expected

Fed Chairman Powell says the central bank is moving to normalize monetary policy ‘with a view to extending the recovery.’

By Rich Miller & Christopher Condon | Updated on February 13, 2018

Federal Reserve Chairman Jerome Powell suggested that the U.S. central bank would push ahead with gradual interest-rate increases even as it remains on the lookout for threats to the financial system in the wake of the recent stock market rout.

“We are in the process of gradually normalizing both interest rate policy and our balance sheet,” he said Tuesday in the text of his ceremonial swearing-in speech in Washington, adding: “We will remain alert to any developing risks to financial stability.”

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