The Federal Open Market Committee today said it would raise the target range for the…
Federal Reserve Gov. Christopher Waller said today he supports a “significant increase” in the federal funds rate at the next Federal Open Market Committee meeting on Sept. 20-21.
It will be necessary to raise the federal funds rate to “somewhat above 4%” by early next year and hold it there, predicted Loretta Mester, president of the Federal Reserve Bank of Cleveland, during a speech today.
A tight labor market and high inflation convinced the Federal Open Market Committee to unanimously approve a 75 basis point rate-hike in July, according to minutes released today.
The Federal Reserve raised interest rates by three-quarters of a percentage point to a target range of 2.25% to 2.5%, the Federal Open Market Committee announced today.
Speedy rises in the federal funds rate “raises the prospect of oversteering” the management of monetary policy, Federal Reserve Bank of Kansas City President Esther George said today.
A tight labor market, inflation running well above the Federal Reserve’s 2% target and a deteriorating near-term inflation outlook prompted the Federal Open Market Committee to move ahead with a 75 basis point rate-hike in June—the highest rate increase in 28 years—according to minutes released today.
In a move to slow the specter of inflation, the Federal Reserve today increased the target range for the federal funds rate by three-quarters of a percentage point to 1.5% to 1.75%—the central bank’s most aggressive hike since 1994.
With the Fed taking action to raise rates and choke off inflation, the nation’s top economists forecast that economic growth will slow to 1.6% this year and 1.5% in 2023, before rising to 2% in 2024, according to ABA’s Economic Advisory Committee.
ABA Economic Advisory Committee Chair Richard DeKaser offers the EAC’s consensus forecast that the Fed will indeed stick the landing, reducing inflation gradually without harming employment or causing a recession.