New York Federal Reserve Chairman John Williams He said on Monday that he believes the Fed will have to raise rates to a level tight enough to curb inflation, and keep them there for the whole of next year, Reuters reported:
“I think we’re going to need to stay tight for a while; I would expect that to continue at least into next year,” Williams said at a virtual event held by the Economic Club of New York, adding that he did not expect a recession.
“I do see a point, probably in 2024,” at which the Fed will start to cut interest rates, he said.
The dollar rises in North American trade, while US values . they are harmed by a start to the week in which the risk is lower. Major market averages opened lower on Monday as protests in China over COVID lockdowns led to some selling pressure in global stocks.
In early trading, the Dow fell 0.4%, the S&P 500 lost 0.5% and the Nasdaq lost 0.4%. The DXY is up 0.18% to 106.25, but the downtrend is open as long as it is below 106.60:
Source: Fx Street