Federal Reserve Chairman Jerome Powell said Thursday that central bank officials could raise interest rates by 50-basis points in May and subsequent months as they seek to tame the hottest inflation in four decades.
Fed policymakers voted during their two-day meeting in March to raise rates by 25-basis points, bringing to an end the ultra-easy monetary policy put in place two years ago to prop up the economy through the COVID-19 pandemic. They also projected at least six more, similarly-sized increases over the course of this year.
Powell said Thursday that the U.S. central bank is now focused on actual reductions in the inflation rate rather than mere forecasts. In this Jan. 29, 2020, file photo, Federal Reserve Chair Jerome Powell pauses during a news conference in Washington.
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