Federal Reserve Chairman Jerome Powell said Wednesday that the bank considered pausing interest rate hikes in the days before the meeting. Powell's opinion comes on the heels of the bank's decision to raise the interest rate by 25 basis points.
According to the banker, the option of a pause was "seriously considered." However, there was "strong consensus support for a rate hike," mainly driven by the data.
"We are committed to restoring price stability, and all of the evidence says that the public has confidence that we will do so," Chair Jerome Powell said during a press conference. "It is important that we sustain that confidence with our actions as well as our words."
