February 21, 2024


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Federal Reserve Chairman Jerome Powell and other global central bank leaders speak at a monetary policy forum in Sintra, Portugal, on Wednesday.

Joining Powell at the event hosted by the ECB were ECB President Christine Lagarde, Bank of England Governor Andrew Bailey and Bank of Japan Governor Kazuo Ueda.

Two weeks ago, Powell and his Fed colleagues decided to hold off on a streak of 10 rate hikes starting in March 2022. Still, other central banks continue to act aggressively. Both the European Central Bank and the Bank of England recently announced interest rate hikes to combat inflation.

Markets expect the Fed to approve a 0.25 percentage point increase in interest rates at its July meeting before pausing hikes as officials watch the impact on the economy. Fed officials, however, projected two more rate hikes at their June meeting.

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