Wage-price spiral risk down, inflation forecast to fall to 2% by 2024
Japan had been a holdout among major industrialized nations in allowing yields to rise
Jerome Powell has expressed hope that inflationary pressure can be relieved by employers cutting job openings, not jobs
Markets will be watching the quarterly monetary policy report closely
The bank matched last month's half-point increase to bring its benchmark rate to 2.25%
New 3% to 3.25% range is highest since 2008
Stock prices tumbled and bond yields rose as many investors feared a more aggressive Federal Reserve
More declines from recent highs are likely, but prices should remain above pre-pandemic levels
Powell's message may disappoint investors who were hoping for a signal that the Fed might soon moderate its rate increases
Wednesday's report increased hope that the modest slowdown might enable the Fed to slow the pace of its rate increases