https://sputnikglobe.com/20230923/inflation-still-too-high-for-average-american-to-bear--federal-reserve-officials-1113596705.html
Inflation Still Too High for Average American to Bear – Federal Reserve Officials
Inflation Still Too High for Average American to Bear – Federal Reserve Officials
Sputnik International
Federal Reserve officials reinforced Chairman Jerome Powell’s earlier verdict that inflation was still too much for the average American to bear, and that interest rate hikes were probably needed well into 2024.
2023-09-23T00:07+0000
2023-09-23T00:07+0000
2023-09-23T00:04+0000
economy
susan collins
jerome powell
federal reserve
colorado
interest rates
us economy
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"Inflation is still too high, and I expect it will likely be appropriate for the (Federal Open Market) Committee to raise rates further and hold them at a restrictive level for some time to return inflation to our 2% goal in a timely way," Fed Governor Michelle Bowman told a banking event in the state of Colorado on Friday. The Fed left US interest rates unchanged at a peak of 5.5% at the conclusion of its September policy meeting on Wednesday. "The fact that we decided to maintain the policy rate at this meeting doesn't mean we have decided that we have or have not at this time reached that stance of monetary policy that we are seeking," Fed Chair Powell had told reporters. "We are prepared to raise rates further, if appropriate." Adding to the debate on rates, Federal Reserve Bank of Boston President Susan Collins said a further tightening of monetary policy "is certainly not off the table," though she also counseled "patience." "It is too soon to be confident that inflation is on a sustainable trajectory back to the 2% target," Collins said, adding that job growth was still "above trend" and elevated inflation in aspects of the service sector remained a concern.
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Inflation Still Too High for Average American to Bear – Federal Reserve Officials
WASHINGTON (Sputnik) - Federal Reserve officials reinforced Chairman Jerome Powell’s verdict from earlier in the week that inflation was still too much for the average American to bear and that interest rate hikes were probably needed well into next year to keep a lid on prices.
"Inflation is still too high, and I expect it will likely be appropriate for the (Federal Open Market) Committee to raise rates further and hold them at a restrictive level for some time to return inflation to our 2% goal in a timely way," Fed Governor Michelle Bowman told a banking event in the state of Colorado on Friday.
The Fed left US interest rates unchanged at a peak of 5.5% at the conclusion of its September policy meeting on Wednesday.
"The fact that we decided to maintain the policy rate at this meeting doesn't mean we have decided that we have or have not at this time reached that stance of monetary policy that we are seeking," Fed Chair Powell had told reporters. "We are prepared to raise rates further, if appropriate."
Adding to the debate on rates, Federal Reserve Bank of Boston President Susan Collins said a further tightening of monetary policy "is certainly not off the table," though she also counseled "patience."
21 September 2023, 19:55 GMT
"It is too soon to be confident that inflation is on a sustainable trajectory back to the 2% target," Collins said, adding that job growth was still "above trend" and elevated inflation in aspects of the service sector remained a concern.
"I expect rates may have to stay higher, and for longer, than previous projections had suggested," Collins said.
The Fed raised interest rates 11 times between February 2022 and July 2023, adding a total of 5.25 percentage points to a prior base rate of just 0.25%. The central bank has forecast that US rates will trend around 5.1% through 2024.
The Fed’s Summary of Economic Projections forecasts another quarter-point rate increase by the end of 2023. The Fed has two more policy meetings left for this year - in November and December. Markets are trying to guess which month the central bank would pick for that.
