Larry Kudlow: ‘History cautions strongly against prematurely loosening policy’ ‘We need to keep at it until the job is done,’ Jay Powell said at the CATO Institute in Washington, D.C. Powell said today that the Fed will raise its target rate 75 basis-points, which will take it to 3 to 3.25% from its current 2.25 to 2.50%. But there’s an enormous volume of excess cash still sloshing around the banking system and the economy. The Atlanta Fed has just downshifted their Q3 GDP estimate from 2.6% to 1.4%. Compounding our economic difficulties, the GDP tracker from the Atlanta Fed have just. downshipped their Q . . .