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- Powell Swats Down Rate Cut in 2023, Purposefully Leaves in Doubt a “Pause” for June Meeting
Powell Swats Down Rate Cut in 2023, Purposefully Leaves in Doubt a “Pause” for June Meeting
by Wolf Richter Wolf Street
“We’re going to be looking at those factors to determine whether there is more to do.”
Fed chair Powell was bombarded by essentially the same question over and over again today during the press conference after the FOMC hiked its policy rates to 5.25% at the top of the range. Reporters were trying to nail him down: Has a decision been made about “pausing” the rate hikes in June? And he was asked if there will be “rate cuts” this year?
Over and over again, he refused to lock in a pause for the June meeting – “A decision on a pause was not made today,” he started out with. Over and over again, he said that a pause would depend on the incoming data.