Inflation Gains Call for Near-term Rate Hike: Fed Prez

Gold Silver Reports — Inflation Gains Call for Near-term Rate Hike: Fed Prez — Federal Reserve Bank of Kansas City President Esther George said the US labour market nearing full employment and inf lation rising toward the central bank’s target should prompt higher interest rates.

“I thought it was time to continue the process of normalisation of interest rates“ in July, George said in an interview. “When I look at where we are with the job market, when I look at inflation and our forecast for that, I think it’s time to move.“

George dissented in July at the Federal Open Market Committee meeting, which held the target for the federal funds rate in a range of 0.25 to 0.5%, because she preferred an increase. While she favours higher rates now, she said her view could be shifted by economic data in advance of the September 20-21 meeting. “I don’t think that we are going to need to have high interest rates. I don’t think we need to cool off the economy by any means,“ she said. “But I do think that it would be appropriate to begin the process of continuing that normalisation.“

George said there are indications that inflation is rising as the labour market tightens. “There is scope to begin to remove accommodation.“ — Neal Bhai Reports

Inflation Gains Call for Near-term Rate Hike: Fed Prez

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