The Federal Reserve raised the overnight rate by 25 basis points last week, prompting the question of whether that was the last rate increase of this cycle.
Chair Jay Powell, though, sounded a bit "cagey," according to John Chang, senior vice president, research and investor services, Marcus & Millichap.
"In the past, the Fed Chair has been pretty good about telegraphing their next move, but this time, he kept saying the decision will be data dependent," Chang said.
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