High U.S. inflation is likely to recede in 2023 thanks to aggressive Federal Reserve efforts to raise interest rates and cool off the economy, a senior...
High U.S. inflation is likely to recede in 2023 thanks to aggressive Federal Reserve efforts to raise interest rates and cool off the economy, a senior central bank official said.
The... High U.S. inflation is likely to recede in 2023 thanks to aggressive Federal Reserve efforts to raise interest rates and cool off the economy, a senior central bank official said. The Fed last month raised its benchmark short-term interest rate to a range of 4.25% and 4.5% and signaled it could top 5% in 2023. The central bank had kept the rate near zero during the pandemic to try to prop up the economy.
A restrictive level of interest rates, in Fed jargon, is one that slows economic growth. Higher rates raise the cost of borrowing for consumers and businesses and cause them to spend, invest and hire less.Bullard was the first senior official at the central bank to warn last year that the Fed was misjudging inflation. His prescription for tougher monetary policy has largely been adopted after other Fed officials recognized their error.
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