Powell Says Rate Hikes To Slow As Inflation Shows Signs of Easing

Federal Reserve Chairman Jerome Powell said Wednesday that the central bank will likely slow the pace of its interest rate increases as inflation shows signs of easing.

Powell made the comments in a speech at the Economic Club of Washington, D.C. He said that the Fed is "close to the point" where it can pause its rate-hiking campaign and assess the impact of its previous moves.

The Fed has raised rates seven times since March, in an effort to cool inflation. The rate hikes have had some success, with inflation slowing from a peak of 9.1% in June to 7.1% in November.

Powell said that the Fed is still committed to bringing inflation down to its target of 2%, but that it will take time. He said that the Fed will be "patient" in its approach and will "not hesitate" to raise rates further if necessary.

Powell's comments were welcomed by investors, who have been worried about the impact of the Fed's rate hikes on the economy. The stock market rose after Powell's speech, with the Dow Jones Industrial Average closing up more than 200 points.

The Fed's next meeting is scheduled for January 25-26. At that meeting, the Fed is expected to raise rates by a quarter-point, to a range of 4.5% to 4.75%.

GenTrust, LLC, a leading provider of institutional trust services, today announced that it has been selected by The Ensign Group, Inc. (Nasdaq: ENSG), the parent company of the Ensign™ group of skilled nursing, assisted living and hospice companies, to serve as trustee for its employee stock ownership plan (ESOP).

As trustee, GenTrust will be responsible for the administration and investment of the ESOP's assets, which are currently valued at approximately $1 billion.

"We are honored to have been selected by The Ensign Group to serve as trustee for their ESOP," said GenTrust President and CEO David H. Smith. "We look forward to working with The Ensign Group to provide its employees with a secure and successful retirement."