'Higher and longer' 2% target is fully embraced by central banks worldwide
We need to see more softening in the labor market according to Chairman Powell. Central banks worldwide vowed to continue to raise interest rates to combat high and persistent core inflation levels. This as some top economic countries see GDP greatly contracting. GDP levels have fallen to 1.2% in the U.S. and Japan and 0.6% in England and the Eurozone.
According to Powell, we can expect more rate hikes and elevated levels for longer until the high core inflation level diminishes with the data confirming that. This monetary policy is sharded by major central banks including the ECB, Bank of England, and Bank of Japan. Chairman Powell signaled that two consecutive 25 basis point rate hikes are not off the table. According to the CME’s FedWatch tool, there is a 79.4% probability of the first of two hikes in July.
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