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Federal Reserve Chairman Jerome Powell speaks Thursday morning in a question-and-answer session at the Cato Institute, a Washington, D.C.-based think tank.
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His remarks come with markets widely expecting the Fed to make a third consecutive 0.75 percentage point interest rate increase when it meets again Sept. 20-21.
In his most recent public remarks, delivered at the central bank’s annual Jackson Hole, Wyoming symposium, Powell said this is “no place to stop or pause” when it comes to raising interest rates. Vice Chair Lael Brainard on Wednesday backed up those remarks, pledging that the Fed is “in this for as long as it takes” to successfully bring down inflation.
The Fed has raised its benchmark borrowing rate four times this year, to a target range of 2.25%-2.5%. Cleveland Fed President Loretta Mester has said she’d like to see the rate climb above 4% by early 2023.
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