“The US Federal Reserve should quickly raise interest rates to a level where borrowing costs no longer stimulate the economy and should raise them further if high inflation proves persistent,” Richmond Fed President Thomas Barkinin statements collected by Reuters.
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“How far we’ll have to raise rates, in fact, won’t be clear until we get closer to our destination, but rest assured that we will do what we must to address this recent episode of above-target inflation“.
“The best short-term path for us is to quickly move into the neutral range and then test whether pandemic-era inflationary pressures are easing and how persistent inflation has become. If necessary, we can go further“.
“Our efforts to stabilize inflation expectations could require periods where we tighten monetary policy more than our recent pattern has been.”
“Doing that could create communication challenges for Fed policymakers to explain why price stabilization may need to be balanced against costs to employment.”
Source: Fx Street
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