The Federal Reserve raised interest rates by a quarter point at the FOMC’s first meeting of 2023, marking the smallest rate hike since March 2022. While Fed Chair Jerome Powell hinted at a couple more hikes, he added, “We can now say I think for the first time that the disinflationary process has started.”
Moreover, Powell is optimistic that the central bank can get inflation down to 2% “without a really significant downturn, or a really significant increase in unemployment.” He also said, “My base case is that there will be positive growth this year.”
