Fed still has a lot to do on rate hikes, says official

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The Federal Reserve needs to raise interest rates further to get inflation under control and bring it down toward the U.S. central bank’s 2% target, St. Louis, James Bullard, this Monday (28).

“We have a long way to go,” Bullard said in an interview with MarketWatch, reaffirming his conviction that the Fed’s benchmark rate needs to rise to at least a range between 5% and 5.25% to be “tight enough” to reduce inflation.

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“We want to get this inflation under control much sooner than in the 1970s,” added Bullard. He highlighted that he prefers to raise interest rates quickly to create the conditions for price pressures to decrease over the next year.

However, Bullard also repeated comments made earlier this month that he would direct questions to Fed Chair Jerome Powell about the magnitude of borrowing cost adjustments to be made at upcoming policy meetings.

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Source: CNN Brasil

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