Rate-sensitive housing market buckles up after the Fed tries again to slow the economy.
Tagged: Federal Open Market Committee
CPI report shows YOY rate at 6.5%, down from 7.1% in November.
The 50-basis-point hike is 7th in 2022, but target range for 2023 is still 85 basis points higher.
CPI slipped to 7.7% in October, the smallest YOY increase since January.
Chairman said housing market may have to go through "a correction" to return to balance.
The Fed’s primary goal is to reduce inflation, although this may “bring some pain to households and businesses.”
July meeting minutes show another 50-basis-point rate hike is expected in September.
Experts do agree there is much uncertainty about what the Fed will do next.
Latest Consumer Price Index report sets up Federal Reserve for another 75-basis-point rate hike.
Chairman Jerome Powell said more hikes likely to bring down inflation