Federal Reserve Chairman Jerome Powell reiterated Wednesday that more rate rises likely lie ahead for the central bank, and did not rule out a boost in the cost of borrowing at a policy meeting scheduled for the end of July.
"We've come a long way" with rate rises, Powell said at a European Central Bank conference held in Sintra, Portugal, noting that holding off on a rate rise earlier this month was a move to take stock of how the rate hike campaign is affecting the economy.
Powell said "I wouldn't take, you know, moving at consecutive meetings off the table at all," noting "the committee clearly believes that there's more work to do, that there are more rate hikes that are likely to be appropriate" at some point over the course of the year.
"Although policy is restrictive, it's not, it may not be restrictive enough and it has not been restrictive for long enough," which leaves open the door for more increases, Powell said. "It's a constructive thing, that we've been able to raise rates 500 basis points with the expectation of going further, and we still have a very strong job market, but nonetheless one that is in fact cooling in just the way we would have hoped," Powell said.
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