Why the bias is toward hiking in Septemberįed Governor Christopher Waller, who has a permanent vote on the Fed committee that decides interest rates, doubled down late last week on the widely held view among Fed officials that two more rate hikes are needed this year. Right now, it seems like the hawks outnumber the doves. That’s why the vote in June was unanimous, despite the debating that was evident from the meeting minutes, released earlier this month. The central bank has a tradition of collegiality, meaning that although officials debate their views, they still respect the view of the majority. Fed Chair Powell has said the Fed still has more work to do, and he himself hasn’t ruled out back-to-back rate hikes. What is clear, however, is that the Fed chair historically has a major influence in the Federal Open Market Committee, the Fed’s monetary policymaking arm. The debate over pausing at the Fed was intense, minutes show The US Federal Reserve expects to continue raising interest rates but to slow down the pace of hikes, Fed chair Jerome Powell told a Congressional hearing Wednesday. Federal Reserve Board Chairman Jerome Powell testifies before a House Financial Services Committee hearing on the Federal Reserve's Semi-Annual Monetary Policy Report, on Capitol Hill in Washington, DC, on June 21, 2023.
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