Powell: next policy rate adjustment unlikely to be a hike

Fed Chair Powell said that short-term inflation expectations have risen, do believe that policy is tight and is putting pressure on demand, and will be made on a case-by-case basis, with decisions dependent on upcoming data. The next policy rate adjustment is unlikely to be a rate hike. If there is to be a rate hike, it will need to see evidence that policy is not sufficient to bring inflation down to the Fed's target level.