Federal Reserve Chairman Jerome Powell will speak with the press following the conclusion of the Federal Open Market Committee meeting, which is expected to result in a quarter-point rate increase, the smallest hike in almost a year.
The expected increase is the eighth in a series begun in March 2022 aimed at curbing high inflation. Inflation as measured by the Consumer Price Index trended slightly downward to 6.5 percent in December 2022, although it remains considerably higher than pre-pandemic figures, and far short of the Fed’s goal of two percent.
The rate increases are meant to slow the economy, which in turn should lower consumer prices. But they come with the risk of dragging activity down too far, potentially spurring a recession.
The press conference is at 2:30 p.m. ET.
Watch the live video above.