Economic & Market Outlook
“We have got to get inflation behind us. I wish there were a painless way to do that.
There isn’t.” —Fed Chair Jerome Powell, post-FOMC meeting press conference, September 21, 2022
No pivot from the Fed
The Federal Reserve is laser-focused on fighting inflation, which is running at a forty-year high. The Fed has aggressively raised its benchmark interest rate, the federal funds rate, in an effort to cool demand and slow the economy. Since March of this year, the Fed has raised the federal funds rate by 3 percent. And as the quote above suggests, Fed Chair Jerome Powell does not see “a painless way” to get inflation under control.
Please find the latest edition of the PeoplesBank Wealth Management Economic & Market Outlook below for your reference.