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You are here News Economy Fed delivers big rate hike, sees another large increase this year

Fed delivers big rate hike, sees another large increase this year

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Jerome Powell

Fed Chair Jerome Powell said that the central bank will not count on the lagged impacts of shelter costs in inflation metrics when determining its policy moves.

“I think that shelter inflation is going to remain high for some time. We’re looking for it to come down, but it’s not exactly clear when that will happen. It may take some time. Hope for the best, plan for the worst,” Powell said.

As the Federal Reserve vows to continue raising interest rates to tamp down on inflation, investors should brace for additional hikes of 75 basis points in the future, said Bill Zox, portfolio manager at Brandywine Global.

Projections from the central bank’s meeting indicated participants expect to increase rates by at least 1.25 percentage points in the two remaining meetings this year.

“I believe 75 is the new 25 until something breaks, and nothing has broken yet,” Zox said. “The Fed is not anywhere close to a pause or a pivot. They are laser-focused on breaking inflation. A key question is what else might they break.”

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