Interest rates are at a 22-year high, and Jerome Powell says they won’t come down any time soon.
Topline
Interest rates could soar even higher as inflation remains stubborn, the Federal Reserve said Wednesday, dousing many investors’ hopes the Fed would soon reverse course and cut rates.Key Facts
“Significant upside risks to inflation could require further tightening of monetary policy,” Fed officials agreed in minutes from the Fed’s July 25-26 meeting during which it hiked the target federal funds rate by 25 basis points to 5.25% to 5.5%, the highest level since March 2021.
