Fed to Hike Rates Soon

01 mins 44 secs

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Fed Chair Jay Powell said that soon it will be appropriate to raise the target fed funds rate, acknowledging that inflation is far above the Fed's long-term goal of 2% and the labor market is "very very strong." Powell didn't rule out the possibility of QT or rolling off the nearly $9 trillion balance sheet or offer timing guidance, except that this would not happen until after the start of rate hikes, which he called the Fed's "primary" tool.