Powell’s Shift on Rate Hikes Comes as Officials Prepare for March Meeting

Federal Reserve Chair Jerome Powell noted that the latest economic data is suggesting a higher than previously anticipated peak in the Fed's benchmark rate. Investors reacted and two-year Treasury yields rose above 5% for the first time since 2007.

March 9, 2023 . 3:38 AM

1 min read

Federal Reserve Chair Jerome Powell noted that the latest economic data is suggesting a higher than previously anticipated peak in the Fed's benchmark rate.
Investors reacted and two-year Treasury yields rose above 5% for the first time since 2007.
Futures trading suggests a 50 basis-point rate increase is more likely than 25.
Goldman Sachs Group Inc. raised its forecast for the Fed’s peak rate to a range of 5.5% to 5.75%.
Powell noted the upcoming policy decision will be shaped by key economic releases for February.