Fed’s Powell: Rate hikes to slow, but adjustment just beginning

In an hour-long session of prepared remarks and questions at the Brookings Institution think tank – his last scheduled appearance before the central bank’s next meeting in two weeks – Powell gave a short-term message that sent markets soaring: The Fed was “slowing down” from the breakneck pace of three-quarter percentage point rate hikes that have prevailed since June, and would feel the way towards the peak interest rate needed to slow inflation to the Fed’s 2% target.