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“Given how far we have come, along with the uncertainties and risks we have faced, the economy is proceeding carefully,” Powell said.
After another round of data that indicated that the consumer is being pushed to the breaking point (and the majority already have), today the Federal Reserve decided to not raise interest rates again, though it was heavily insinuated in their last meeting in September that one more would be coming; which still could be the case the Fed reconvenes in December for a final time this year.
But the message sent today was that the U.S. economy, save for a wild card event, will still maintain higher interest rates for longer. Fed Chair President Jerome Powell basically ruled out rate cuts or slashing “quantitative tightening” in the near future…
