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Powell Says Fed To Take Data-Dependent Approach To Future Hikes

Federal Reserve Chair Jerome Powell said the central bank would take a data-dependent approach to future interest-rate hikes.

Catarina Saraiva
Jerome Powell, chairman of the US Federal Reserve, during a news conference following a Federal Open Market Committee (FOMC) meeting in Washington, DC, US, on Wednesday, May 3, 2023. The Federal Reserve raised interest rates by a quarter percentage point and hinted it may be the final move in the most aggressive tightening campaign since the 1980s as economic risks mount.

(Bloomberg) -- Federal Reserve Chair Jerome Powell said the central bank would take a data-dependent approach to future interest-rate hikes.

“Looking ahead, we will continue to take a data-dependent approach,” Powell said Wednesday during a press conference following the US central bank’s two-day policy meeting.

Fed officials raised interest rates by a quarter-percentage point, as was widely expected by Fed watchers, to a range of 5.25% to 5.5% after pausing tightening at last month’s meeting. They also left the door open to further policy tightening this year in a post-meeting statement.

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