Federal Reserve Bank of New York President John Williams said on Wednesday (Jul 5) it was the right move for the central bank to hold rates steady three weeks ago, while h
, while hinting at some point it may have to raise rates again amid ongoing economic strength.
Williams declined to say whether he believes a July rate increase is needed and noted his staff has yet to begin the work that would help him decide what to do at the next monetary policy meeting. “I’m not content” with where price pressures are, Williams said at an event held at his bank. He also said demand for labour remains high and the economy has dealt with rate rises"reasonably well."
Fed rate actions have taken the federal funds rate target range from near zero in March 2022 to its current level of between 5 per cent and 5.25 per cent. Fed officials held steady on rates last month to take stock of how past increases are affecting the economy as inflation pressures have been waning.
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