In a highly anticipated speech before the Economic Club of New York on Wednesday, Federal Reserve Chairman Jerome Powell described the current level of interest rates as "just below" neutral following a series of rate hikes this year.
Powell noted the Fed began gradually raising interest rates from near-zero levels about three years ago as the economy improved.
The Fed has raised three times in 2018 to a range of 2 to 2.25 percent and has forecast another rate hike before the end of the year.
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Forex News
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.