The president of the Philadelphia Federal Reserve said he thinks the U.S. central bank has raised interest rates high enough to bring inflation down.
The president of the Philadelphia Federal Reserve said he thinks the U.S. central bank has raised interest rates high enough to bring inflation down over the next few years to pre-pandemic levels of around 2%.
Top Fed officials have gathered in the vacation-resort town for an annual event to assess the health of the economy. Fed Chair Jerome Powell is slated to give a major speech on Friday outlining the central bank’s strategy. The central bank has jacked up a key short-term rate to a top end of 5.5% from near zero a year and a half ago in an effort to extinguish high inflation. Higher borrowing costs typically slow inflation by depressing economic growth.
Harker said he sees signs the economy is slowing and he expects the unemployment rate to rise above 4% by next year from the current low rate of 3.6%. He was not sure the U.S. would experience a recession.,“I am in the camp of ‘let the restrictive stance’ work for a while. That should bring inflation down,” he said.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Fed doves, Fed hawks: US central bankers in their words By ReutersFed doves, Fed hawks: US central bankers in their words
Read more »
Fed's Barkin: Won't prejudge outcome of Fed's September 19-20 policy meeting'If inflation remains high and demand gives no signal it is likely to drop, that would require tighter monetary policy,' Federal Reserve Bank of Richm
Read more »
Woman kidnapped from Harker Heights; found in Round Rock motelAccording to the Harker Heights Police Department, the 31-year-old sent a text message to her roommate saying she had been kidnapped and thought she was going to die.
Read more »
Attorney for family of man shot, killed by Philadelphia officer to hold press conferenceAn attorney for the family of Eddie Irizarry is set to hold a press conference Tuesday, more than a week after he was shot and killed by a Philadelphia police officer during a traffic stop.
Read more »
New video shows Philadelphia police officer shoot Eddie Irizarry within seconds of getting out of carThe video shows Officer Mark Dial shoot and kill Irizarry within five seconds of getting out of his cruiser.
Read more »