The Federal Reserve announced that it will raise its benchmark rate by three-quarters of a percentage point on Wednesday afternoon in its latest attempt to quash inflation. Chair Jerome Powell gave an update update on the central bank’s economic outlook and forecast for future rate hikes.
“I believe 75 is the new 25 until something breaks, and nothing has broken yet,” Zox said. “The Fed is not anywhere close to a pause or a pivot. They are laser-focused on breaking inflation. A key question is what else might they break.”