Fed Raises Interest Rates, Possibly For Last Time, Amid Probe Of SVB; Rate Hikes “Were Well Telegraphed And Many Banks Managed To Deal With Them,” Jerome Powell Says

deadline.com:

The U.S. Federal Reserve raised interest rates today for the ninth time since last year by an expected 25 basis points, or 0.25%.

But Fed chief Jerome Powell indicated slow to no more rate hikes in this latest cycle as tighter credit conditions following the recent bank crisis may help tame inflation without more Fed action.

That’s mixed news for companies and investors hoping to skirt recession, including media companies looking for an uptick in advertising.

Tamping soaring inflation down to 2% is still very much the Fed’s objective, Powell said during a press conference after the latest interest rate hike, but he said “there may be other ways to get there.” The Federal Open Market Committee cautioned in its official statement it “will closely monitor incoming information and assess the implications for monetary policy [and] anticipates that some additional policy firming may be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2 percent over time.” But, the FOMC “will take into account the cumulative tightening of monetary policy [to date], the lags with which monetary policy affects economic activity and inflation, and economic and financial developments” — likely including the collapse of two major regional banks.