“The events of the last two weeks are likely to result in some tightening of credit conditions for households and businesses,” Powell said, noting that this tightening “would work in the same direction as rate tightening in principle.” “We did consider that in the days running up to the meeting,” he said, adding that “the inter-meeting data on inflation and the labor market came in stronger than expected and really before the recent events, we were clearly on track to continue with ongoing rate hikes.”
However, he did say that members of the bank’s rate setting committee did consider take a pause on rate hikes.
banking system was “sound and resilient” and that deposit flows have stabilized over the past week. The move shows that the Fed’s first priority remains bringing down elevated price levels, even as the bank’s rate increases have strained portfolios in the banking sector, triggering some poorly managed banks to collapse.įed chair Jerome Powell said during a press conference on Wednesday that the U.S.
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