Powell corrals the cats with a hawkish pause

United States Fed Chairman Jay Powell has reiterated the commitment to bring down inflation, as detailed by KPMG US Chief Economist Diane Swonk.

The United States (US) Federal Open Market Committee (FOMC), the policy setting arm of the Federal Reserve, voted to hike the fed funds rate a quarter point to a range of 5 percent - 5.25 percent at the conclusion of its two-day meeting in May. The vote was unanimous. Fed Chairman Jay Powell emphasized that although inflation has moderated, we still have a long way to go. The Fed underscored its confidence in stability in the banking system and that the Fed is willing to do more to restore ...

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Authors: Diane Swonk

Published Date: 05 May 2023