Federal Reserve chair Jay Powell made no promise to pause a forceful campaign to rein in inflation after the US central bank lifted its benchmark interest rate above 5 per cent for the first time since 2007.
But for anyone listening to his nearly hour-long press conference on Wednesday, it was abundantly clear which way he was leaning.
“He couldn’t commit to a pause, but he all but did,” said Mark Zandi, chief economist of Moody’s Analytics.
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