Fed’s Powell: Another ‘unusually large’ rate increase may be warranted at next meeting

Another “unusually large” increase in interest rates may be appropriate at the Federal Reserve’s September meeting, but the decision will be determined by the incoming economic data between now and then, Fed Chair Jerome Powell said on Wednesday.

The Fed’s decision about whether to deliver a third straight 75 basis point increase – or something different – will be guided by whether they see firm evidence of inflation beginning to abate, Powell said at a press conference following the central bank’s latest two-day policy meeting.