The historical record cautions strongly against prematurely loosening policy." Looking into the future, Powell added that "restoring price stability will likely require maintaining a restrictive policy stance for some time. "We are moving our policy stance purposefully to a level that will be sufficiently restrictive to return inflation to 2%," he said. "These 'expeditious' rate hikes come from a similar logic - in economies where inflation is running well above target, there is little argument against at least returning policy rates and financial conditions to a 'neutral' setting if not moving into restrictive territory," he added. Less than three months later, 75bp has become something of a global norm with both the and Bank of Canada set to raise rates by 75bp," Citigroup economist Andrew Hollenhorst said in a client note Wednesday. "In June a 75 rate hike from the Federal Reserve was seen as surprising acceleration from the 50bp and 25bp delivered at the two previous meetings. A Wall Street Journal report noting the likelihood of a 0.75 percentage point increase coincided with traders pricing in the more aggressive move, and stock futures momentarily slipped. 26, Fed Chairman Jerome Powell warned that increases will proceed and higher rates likely will stay in placeĮven as traders ramped up their bets on Fed tightening, stocks were higher shortly after the market open.
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