Fed Chair Jerome Powell gives green light to 0.5% interest rate hikes
Lest there remain any doubt, Federal Reserve Chair Jerome Powell knocked it down Thursday: The Federal Reserve is likely to raise interest rates half a percentage point at its policy meeting in two weeks, the first such move in 22 years.In a panel discussion at the IMF Thursday, Powell said that it is appropriate "to be moving a little more quickly" on rate hikes and that financial markets are "acting appropriately generally" as they have adjusted for those expectations.
“I see an expeditious march to neutral by the end of the year as a prudent path,” San Francisco Fed President Mary Daly in a speech Wednesday. “Moving purposefully to a more neutral stance that does not stimulate the economy is the top priority."Financial markets have already priced in this more aggressive path. One sign: The average rate on a 30 year fixed-rate mortgage soared to 5.11% this week, Freddie Mac said, up from 3.76% in early March.
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