⚠️BREAKING: *U.S. STOCKS TUMBLE AS RECESSION FEARS GROW 🇺🇸🇺🇸
. The central bank is expected to continue to raise rates until its benchmark rate is over 5%, from 4.25% to 4.5% where it is now.
St. Louis Fed President James Bullard argues in favor of getting rates above 5% as quickly as possible. But Boston Fed President Susan Collins favors a more moderate pace."More measured rate adjustments in the current phase will better enable us to address the competing risks monetary policy now faces," she said Thursday.
Analysts expect the Fed to raise rates by another quarter of a percentage point when it meets from Jan. 31 to Feb. 1. Companies have been battling the effects of higher prices and shifts in consumer spending. Product giant Procter & Gamble Company warned of higher commodity prices pressuring profit, and its shares fell 1.4%.
Discover Financial Services shares were down 3% after it raised its provision for credit losses, a signal it expects credit quality to deteriorate down the road.
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