Fun

Federal Reserve Officials Say More Interest Rate Hikes Are Needed to Curb Inflation

News Feed - 2023-02-10 10:02:25

Federal Reserve Officials Say More Interest Rate Hikes Are Needed to Curb Inflation


Several Federal Reserve governors and presidents say that more interest rate hikes are needed to curb inflation. “We are not done yet with raising interest rates,” Fed Governor Lisa Cook said. “We need to raise rates aggressively to put a ceiling on inflation,” Minneapolis Federal Reserve President Neel Kashkari stressed. Fed Officials on Raising Interest Rates Further


Several Federal Reserve governors and presidents said this week that more interest rate hikes are needed to curb inflation. Their comments followed a similar statement by Federal Reserve Chairman Jerome Powell who said on Tuesday that additional interest-rate increases will be needed to cool inflation.


At an event hosted by the Joint Center for Policy and Economic Studies on Wednesday, Fed Governor Lisa Cook stated: We are determined to bring inflation down to our target … So I think we are not done yet with raising interest rates, and we will need to keep interest rates sufficiently restrictive.


“We are now moving in smaller steps,” Cook added. “This will give us time to evaluate the effects of our fast actions on the economy.”


After a series of 75-basis-point rate hikes last year, the Federal Reserve raised its benchmark interest rate by25 basis points last week to 4.5%-4.75%.


Citing the January jobs report showing nonfarm payroll growth of 517,000, Fed Governor Christopher Waller said Wednesday at the Arkansas State University Agribusiness Conference, “We are seeing that effort begin to pay off, but we have farther to go.” He emphasized: It might be a long fight, with interest rates higher for longer than some are currently expecting. But I will not hesitate to do what is needed to get my job done.


New York Fed President John Williams said at a Wall Street Journal event Wednesday that moving to a federal funds rate of between 5.00% and 5.25% “seems a very reasonable view of what we’ll need to do this year in order to get the supply and demand imbalances down.”


In addition, Minneapolis Federal Reserve President Neel Kashkari said on CNBC Tuesday: “We have a job to do. We know that raising rates can put a lid on inflation.” He added: We need to raise rates aggressively to put a ceiling on inflation, then let monetary policy work its way through the economy … I’m not seeing that we’ve made enough progress yet to declare victory. Tags in this story Fed, Fed Governor, Fed Governor Christopher Waller, Fed Governor Lisa Cook, fed interest rate hikes, fed rate hikes, Federal Reserve, Federal Reserve Chairman Jerome Powell, interest rate increases, Minneapolis Fed President Neel Kashkari, New York Fed President John Williams


How long do you think the Fed will continue to raise interest rates? Let us know in the comments section below. Kevin Helms


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Analyst Warns of Banks" Authority to Confiscate Funds, Decline of US Dollar Purchasing Power ECONOMICS | 12 hours ago Nouriel "Dr. Doom" Roubini Warns About Demise of US Dollar ECONOMICS | 2 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleCoinkite Launches ‘Higher-End’ Coldcard Bitcoin Wallet With QR Code Scanner Next articleFrench Luxury Brand Hermes Wins NFT Trademark Infringement Lawsuit Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItTony Hawk"s Latest NFTs to Come With Signed Physical Skateboards


Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales Fidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand" Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether

News Feed

Peter Schiff Lays Into Grayscale and CNBC, Claims Conspiracy to Pump BTC Value
Peter Schiff Lays Into Grayscale and CNBC, Claims Conspiracy to Pump BTC Value Euro Pacific Capital CEO Peter Schiff is now training his guns on Grayscale Trust&
Crypto.com’s Exposure to FTX Less Than $10 Million Says CEO — CRO Token Not Used as Collateral
Crypto.com"s Exposure to FTX Less Than $10 Million Says CEO — CRO Token Not Used as Collateral According to the CEO of Crypto.com, Kris Marszalek, his firm had recovered much of
Market Update: Bitcoin Spikes Over $16K, RSI Levels Warm Up, Price Retracts for Another Attempt
Market Update: Bitcoin Spikes Over $16K, RSI Levels Warm Up, Price Retracts for Another Attempt Digital currency markets have seen some decent gains this week, a
Finder’s Panel of Fintech Experts Predict Ethereum Will Reach $5,114 This Year, Over $50K by 2030
Finder"s Panel of Fintech Experts Predict Ethereum Will Reach $5,114 This Year, Over $50K by 2030 At the end of July, the product comparison website Finder.com published its resear
Cardano Price Breakout: Bull Flag Rally Points To Another 50% Surge
Este artículo también está disponible en español. Crypto analyst CoreCrypto has predicted that the Cardano price could enjoy a massive breakout soon enough. The analyst h
Social sim Today closes seed round to build Animal Crossings-like game with AI NPCs
Tristan Greene6 hours agoSocial sim Today closes seed round to build Animal Crossings-like game with AI NPCsThe project uses generative AI to power conversational nonplayer characters in a bespoke island metaverse.3004 T
Solana-Based Cashio App Hit With an ‘Infinite Mint Glitch,’ CASH Stablecoin Drops to Zero
Solana-Based Cashio App Hit With an "Infinite Mint Glitch," CASH Stablecoin Drops to Zero A decentralized finance (defi) protocol called Cashio was attacked by an “infinite
Bingbon Adds Ruble, Hryvnia, and Tenge Support in Bid to Expand Geographical Presence
Bingbon Adds Ruble, Hryvnia, and Tenge Support in Bid to Expand Geographical Presence A tie-up between payment processor Advcash and Bingbon will help the social
Ethereum Is Forming A 1-Hour Symmetrical Triangle – Bullish Breakout Or Deeper Correction?
Este artículo también está disponible en español. Ethereum has begun the year much like it ended the last—under a bearish cloud. The altcoin leader has faced a challeng
Musk to charge new X users to post, but some say it won’t stop the bots
Martin Young5 hours agoMusk to charge new X users to post, but some say it won’t stop the botsSocial media platform X has long had a crypto spam problem, so will a fee to post be enough to stop them? Users are skeptica
Finiko Founder Doronin Offers to Testify Against 44 Accomplices at Crypto Pyramid
Finiko Founder Doronin Offers to Testify Against 44 Accomplices at Crypto Pyramid Kirill Doronin, mastermind of the Russian crypto Ponzi scheme Finiko, has proposed to testify agai
Yashu Gola9 hours ago‘I just bought SOL’ — Arthur Hayes after Solana price rebounds 500%Hayes may face short-term losses on his Solana buy-in, but the long-term upside looks promising as the cryptocurrency market r