Fed officials predict U.S. interest rates rise higher
This week, on Tuesday, the U.S. Federal Reserve officials repeated their increasing support for another big interest-rate hike to help battle inflation, the chief of the New York Fed said the central banking systems will likely need to get its rate "above 3.5% and keep it there till the end of 2023 at least."
"I see us needing to kind of hold a policy stance.... pushing inflation down, bringing demand and supply into alignment." said NY Fed chief John Williams. "Based on what I'm seeing in the inflation data, and what I'm seeing in the economy, it's going to take some time before I would expect to see adjustments of rates downward."
The Feds in March started on what's become the heaviest round of rate hikes since the 80s, and Fed Chairmen Jerome Powell made it crystal clear he and other policymakers are expected and prepared to raise lending costs as high as needed to try and reduce inflation that's currently sitting at over three times the Fed's 2% target.
Doing so, he said, will likely bring more pain for households and businesses but says it will do less damage in the long run.
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