Federal Reserve Chairman Jerome Powell will appear at a press conference after the board of the central bank announces its update on interest rates.
The Fed raised interest rates by a quarter of a percentage point despite turmoil in the market from the collapse of Silicon Valley Bank and the instability of other midsized banks. The move comes after the Fed conducted another February hike of the same magnitude and a barrage of enormous 0.5-point and 0.75-point increases before that.
INVESTORS EXPECT FED TO GO THROUGH WITH RATE HIKE DESPITE BANKING TURMOIL
There was a 69% chance that the Fed will hike rates by 0.25 percentage points, according to CME Group’s FedWatch tool. The increase signals that the Fed sees inflation as a bigger threat than the economic repercussions of the uncertainty about the banking system.
CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER
The press conference from the Powell is expected to begin at 2:30 p.m.
