Jerome Powell and the FOMC just raised rates by 50 Basis Points

Jerome Powell and the FOMC just raised rates ... Here's what you need to know:

All information sourced from the Fed

HEADLINE NUMBERS:

Jerome Powell and the Fed just raised rates by 50 basis points (0.50%) to between 4.25%-4.5%

Jerome Powell's Press Conference:

Here's some headlines from Powell's press conference

• Our policy is getting close to sufficiently restrictive but not there yet

• We anticipate that ongoing hikes will be necessary to become sufficiently restrictive

• It was important to move quickly on rates earlier this year, but it’s not so important now how fast we go ‘ultimate level of rates is more important

• Risks to inflation weighted to upside, the largest pain would come from failure to raise rates high enough

• I wouldn't see us considering rate cuts until FOMC is confident inflation is moving down in a sustained way

• Inflation data received in Oct and Nov show 'welcome reduction' in price increases

• US economy has slowed significantly from last year

• See little progress in average hourly earnings coming down

Here's the link to watch Jerome Powell's full press conference

Economic Projections:

Here's how this compares to the Fed's previous projections from September

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