Fifty basis point hike possible for May, says Powell
Powell backed the idea of hiking rates aggressively at the start of the tightening cycle
By Yashasvini Razdan
Published - Apr 22, 2022, 01:54 AM ET
Last Updated - Feb 22, 2024, 03:39 PM EST
Federal Reserve Chairman Jerome Powell said that the May meeting could raise interest rates by 50 basis points.
At an International Monetary Fund (IMF) panel discussion, Powell said, “I would say that 50 basis points will be on the table for the May meeting.”
The Federal Reserve will meet on May 3-4 to approve the next interest rate hike in a series of rate increases this year, to tighten the monetary policy to curb inflation.
US inflation soared to its highest level in more than 40 years, in March, after the consumer price index (CPI) jumped 8.5% compared to a year earlier.
