The Federal Reserve is expected on Wednesday to approve what would be the 11th interest rate increase since March 2022.
with the Dow Jones Industrial Average jumping more than 5% over the past month alone. That could be because traders are ignoring the Fed's rhetoric and pricing in just a 35% probability of another hike before the end of the year, according toJerome Powell
"The hike that's going to happen [Wednesday] is unnecessary, and probably the last couple were unnecessary," said Luke Tilley, chief economist at Wilmington Trust Investment Advisors. "By the time we get to November, that'll be even clearer."Fed policy, though, has been informed by a belief that when it comes to fighting inflation, it's better to do too much than too little. The current bout of price increases was the most severe the U.S.
"It's easy for me to say that I think they're going too much," Tilley said. "But I'm also quick to say that if I was in their seats, I might be doing the same thing because they really are playing a game of risk management." Recent indicators are showing that credit conditions are tightening significantly, with higher interest rates and tougher lending standards a substantial headwind to future growth.
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