“That’s a big number, so nobody can be happy about that,” Chicago Fed President Charles Evans said.
Top Federal Reserve officials signaled they expect interest rate hikes to continue into 2023 – an indication that market optimism over a slight downtick of inflation in July could be overblown.
“That’s a big number, so nobody can be happy about that,” Evans said at an event after the July data release, according toEvans said he sees the Fed funds rate rising to the 3.25% to 3.5% range by the end of this year and to 4% by the end of 2023. The benchmark is currently set in the 2.25%-2.5% range.
“I haven’t seen anything that changes that,” Kashkari said in response to the July Consumer Price Index report, according to“I think a much more likely scenario is we will raise rates to some point and then we will sit there until we get convinced that inflation is well on its way back down to 2% before I would think about easing back on interest rates,” Kashkari added.The 8.5% reading in July came in softer than economists expected.
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