Federal Reserve officials on Wednesday said they still aren't convinced the worst of the U.S. inflation scare has passed, in comments that teed up a continuation of the central bank's aggressive interest rate increases.
"We are in this for as long as it takes to get inflation down," Fed Vice Chair Lael Brainard said in an address to a banking conference, echoing past comments by officials from other central banks to do "whatever it takes" to protect their economies.
Policymakers on Wednesday shied from tipping their hand on that decision. Investors currently expect the larger rate hike to prevail at this point, though monthly inflation data due next Tuesday may influence that outlook. Those who spoke on Wednesday noted that even as the economy slows overall, the job market remains by some measures historically tight, and data have provided little sense of relief yet from rising prices.
But overall "most contacts expected price pressures to persist at least through the end of the year," the Fed said in its report.While Brainard, who spoke to the annual conference of The Clearing House and Bank Policy Institute, noted that the risks to growth and jobs may at some point weigh more heavily on the Fed's deliberations, she said the lesson from past bouts of inflation was clear: Don't pull back on rate increases too soon.
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Fed's Mester warns high rents mean inflation may not yet have peakedThe high cost of rental accommodation in the United States has not yet fully filtered through to inflation measures, suggesting inflation may still rise further, Cleveland Federal Reserve Bank President Loretta Mester said on Wednesday
Weiterlesen »
Fed's Mester: Not convinced inflation has peaked yetCleveland Federal Reserve Bank President Loretta Mester said on Wednesday that she is not convinced yet that inflation in the US has peaked, as report
Weiterlesen »
Fed's Brainard: Monetary policy will need to be restrictive for some timeFed Vice Chair Lael Brainard reiterated on Wednesday that the Fed's policy rate will need to rise further and that they will need to keep the policy r
Weiterlesen »
The pound, bonds and energy: the winners and losers under British PM TrussLiz Truss becomes Britain's new prime minister on Tuesday, facing inflation at 40-year highs, the biggest squeeze on household living standards in decades and a looming recession.
Weiterlesen »
The Fed has decided the US will need a 'growth recession' to rein in inflation. Here's why it's bad news for job seekers.Fed Chair Jerome Powell warned that cooling inflation will 'bring some pain' to Americans in the form of layoffs, weaker pay growth, and higher borrowing costs.
Weiterlesen »
California could face rolling blackouts amid scorching heat waveCalifornia officials are calling on residents to conserve their electricity use even more.
Weiterlesen »