The Marriner S. Eccles Federal Reserve building in Washington, D.C. Photographer: Samuel Corum/Bloomberg
Chair Jerome Powell said the Federal Reserve is not close to ending its anti-inflation campaign of interest-rate increases, as officials signaled borrowing costs will head higher than investors expect next year.
"We still have some ways to go," he told a press conference on Wednesday in Washington after the Federal Open Market Committee (FOMC) raised its benchmark rate by 50 basis points (bps), to a target range of 4.25 percent to 4.5 percent. Policymakers projected that rates would end next year at 5.1 percent, according to their median forecast, before being cut to 4.1 percent in 2024—a higher level than previously indicated.
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