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Powell Signals Fed Will Stay on Hold

But the prospect of a future rate hike is still on the table.

By Craig Torres & Jonnelle Marte | October 19, 2023 at 03:41 PM
Photo: Jerome Powell Jerome Powell

Federal Reserve Chair Jerome Powell suggested the U.S. central bank is inclined to hold interest rates steady again at its next meeting, while leaving open the possibility of a future hike if policymakers see further signs of resilient economic growth.

The comments effectively affirm market expectations for the Fed to skip a rate increase for a second straight meeting when officials gather on October 31 and November 1. The Fed chief also said a recent run-up in long-term Treasury yields, if they persist, could lessen the need for further hikes “at the margin,” underscoring the importance of tightening financial conditions to the rate outlook over the coming months.

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