During his meeting with House Republicans on Wednesday, Federal Reserve Chair Jerome Powell did not explicitly predict the central bank will only raise interest rates one more time this year, a person familiar with the matter told CNN.
Powell met with conservatives during a closed-door lunch with the Republican Study Committee.
Confusion ensued after that meeting when a report indicated Republican Study Chair Rep. Kevin Hern said Powell predicted one more rate hike this year.
However, it would be unusual for Powell to make any such prediction, especially given the vast uncertainty in the economy.
What Hern told reporters after the lunch was more nuanced. Hern said lawmakers asked Powell how many more interest rates should be expected. In response, Hern said, Powell referenced Fed projections that indicate officials anticipate one more rate hike.
That jives with what the source told CNN. During Wednesday’s meeting with Republicans, Powell referenced estimates issued last week by the Fed known as the Summary of Economic Projections, the person familiar with the matter said.
The most closely-watched part of those projections, known as the dot plot, indicates Fed officials are penciling in approximately one more interest rate hike this year.
Powell cited the dot plot during his meeting with Republicans, but he did not outright predict one more interest rate hike, the person familiar with the matter told CNN.
A spokesperson for the Federal Reserve declined to comment.