Fed’s Jerome Powell Says Rate Hikes Might Slow in December

The Federal Reserve is on track to slow its pace of monetary policy tightening as soon as December, Chairman Jerome Powell said on Wednesday.

In a speech at the Brookings Institution, Powell said the Fed remains focused on reining in inflation and, despite recent progress, the central bank “has more ground to cover” and may ultimately need to raise interest rates higher than previously thought. Powell suggested the Fed will be slowing the pace at which it gets there as it waits for the impact of interest rate increases so far—including four straight 75 basis point hikes this year—to filter through the economy.