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Economy

Fed's Powell signals rate-hike slowdown could start in December

But chairman says inflation fight far from over, dimming hope for 2023 rate cut

Federal Reserve Chair Jerome Powell signals that the U.S. central bank may slow the pace of interest rate increases from its next meeting in December.     © Reuters

WASHINGTON (Reuters) -- The Federal Reserve could scale back the pace of its interest rate hikes "as soon as December," Fed Chair Jerome Powell said on Wednesday, while cautioning the fight against inflation was far from over and that key questions remain, including how high rates will ultimately need to rise and for how long.

"It makes sense to moderate the pace of our rate increases as we approach the level of restraint that will be sufficient to bring inflation down. The time for moderating the pace of rate increases may come as soon as the December meeting," Powell said in remarks prepared for delivery at the Brookings Institution think tank in Washington.

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