FED Chairman Jerome Powell, in his speech delivered at the Brookings Institute, said that the rate of increase in interest rates may slow down in December.
“Given our progress in tightening policy, the timing of that moderation is far less significant than the questions of how much further we will need to raise rates to control inflation, and the length of time it will be necessary to hold policy at a restrictive level,” Powell said. “I will simply say that we have more ground to cover. History cautions strongly against prematurely loosening policy. We will stay the course until the job is done,” he added.
Following Powell’s speech, global markets rose.