The Federal Reserve on Wednesday set the stage for additional interest rate hikes in the coming months and revealed officials still aren't convinced any rate cuts will be necessary this year.
prematurely only to have inflation flare back up again, Kashkari, who will vote on the Fed's interest rate decisions this year, cautioned it would be a"costly error" to prematurely cut rates again, saying the move should only be taken once officials are convinced"we have truly defeated inflation."
Stocks fell immediately after the Fed's meeting minutes were released, with the Dow Jones Industrial average erasing a nearly 300-point gain and trading flat by 2:25 p.m. ET.The Fed’s interest rate hikes—and central bank tightening around the world—have triggered steep downturns in the housing and stock markets, and a growing number of expertsthe turmoil could ultimately spark a deep global recession.
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