Washington | Federal Reserve chairman Jerome Powell made clear on Wednesday (Thursday AEST) the central bank is close to done raising interest rates, but his colleagues delivered the message that resonated: borrowing costs must remain higher for longer amid renewed strength in the economy.
After a series of rapid rate hikes over the past 18 months, the Fed can now “proceed carefully”, Mr Powell said – a sentiment he repeated at least a dozen times during a press conference that followed the central bank’s decision to leave rates unchanged.
