Powell strikes cautiously upbeat note in first policy press conference

Jerome Powell gives testimony
Jerome Powell gives testimony
Federal Reserve

The US Federal Open Market Committee raised the federal funds rate by 25 basis points today (March 21), with Jerome Powell signalling a slightly more hawkish view of the economy in his first post-meeting press conference as chair.

US rate setters met despite heavy snowfall in Washington, DC, and chose to continue the tightening cycle initiated under former chair Janet Yellen, taking the key policy rate to a range between 1.5% and 1.75%. They shifted forecasts for growth, inflation and the

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