The US Federal Reserve’s united front against inflation could be harder to hold together going into the next hike in September, with strong economic data and falling inflation figures fueling disagreement over the best path forward.
The US central bank also left the door open to additional rate hikes, if needed, to get inflation down to its long-term target of two percent.
On Wednesday, Powell told reporters that Fed staff no longer expect a recession to start later this year.“The staff now has a noticeable slowdown in growth starting later this year in the forecast, but given the resilience of the economy recently, they are no longer forecasting a recession,” he added.
Analysts and investors will be closely parsing the minutes of the FOMC meeting when they are published next month for signs of disagreement among members going into the meeting — as was the case in June. “The Fed’s overriding goal right now is to get inflation down. We’re going to succeed at it and to do that without a recession would be a triumph,” he told CNBC in early July.In June, a majority of FOMC members penciled at least two hikes before the end of the year in order to tame inflation.
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