The Fed speaks. 
Welcome to the Know the Difference Minute for Wednesday, February 1st.
Where are we in the inflation battle?  Fed Chairman Jerome Powell says there is more work to do.
Today’s quarter-point interest rate hike wasn’t a surprise. After 7 rate raises last year of either 50 or 75 basis points, the Fed eased up just a bit on the throttle. But they also gave no indication it is nearing the end of this hiking cycle. Powell said the committee did not think this is the time to pause.
Has it been working?  Inflation is drifting down but employment remains strong. Today’s statement included language that made it clear that policymakers expect more rate hikes to temper inflation---and sufficiently restrictive to return inflation to 2% over time. 
Future increases will depend on a number of economic factors. The question is the pace of those raises. 
For Dave Spano, I’m Danny Clayton from Annex Wealth Management.  That is your Know the Difference Minute.