Fed's Interest Rate Hikes Are Probably Over, but Officials Are Reluctant to Say So.

Federal Reserve officials are confident that they don't need to continue raising interest rates to combat inflation, but they are hesitant to declare an end to rate hikes. Fed Chair Jerome Powell stated that their policy setting is "well into restrictive territory," indicating that tight monetary policy is slowing economic activity. However, Powell emphasized caution and stated that it would be premature to conclude that they have achieved a sufficiently restrictive stance. While there are growing expectations that the Fed will lower rates next spring, Powell stated that it is too soon to speculate on when policy might ease. The Fed is expected to hold rates steady at their December meeting, but investors are increasingly anticipating rate cuts next year. [Extracted from the article]