Washington | Federal Reserve chairman Jerome Powell on Wednesday (Thursday AEDT) warned that interest rates might need to be higher than first expected, even as he signalled he was prepared to slow the pace of his campaign to tighten monetary policy.
The US central bank lifted its main interest rate by 0.75 percentage point for the fourth consecutive time to fight inflation. The benchmark federal funds rate was set at a target range of between 3.75 per cent and 4 per cent.
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Bloomberg
Matthew Cranston is the United States correspondent, based in Washington. He was previously the Economics correspondent and Property editor. Connect with Matthew on Twitter. Email Matthew at mcranston@afr.com
