March 29, 2023

Dubai Week

Complete Dubai News World


The US Federal Reserve is preparing to raise interest rates in May

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US Federal Reserve Chairman Jerome Powell said at a meeting scheduled for next May that he was prepared to raise interest rates by half a percentage point and pursue a strict monetary policy to control inflation if necessary.

The Bloomberg news agency also raised interest rates last week, raising interest rates by a quarter of a percentage point and ending nearly two-year near zero percent with a further 6-fold increase. Current year.

Powell said a proposal to raise the US interest rate by half a percentage point simultaneously would be submitted to the Council’s Monetary Policy Management Open Market Committee meeting on May 3 and 4, and the following meetings.

“If we decide that it is appropriate to move more aggressively with interest rate increases above 25 basis points during any meeting or meetings, we will do so,” Powell said in a speech to the National Business Economic Association.

The US interest rate is expected to reach 2.8% next year, exceeding the 2.4% limit, which is said to slow economic activity in the US.


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