Fed Officials Call For More Rate Hikes To Fight Inflation

  • Two Federal Reserve officials said in separate remarks that reducing inflation will require raising benchmark interest rates and raising unemployment.
  • Susan Collins, the new president of the Federal Reserve Bank of Boston, said in a speech to the Greater Boston Chamber of Commerce that reducing inflation will “require slower employment growth and a somewhat higher unemployment rate.”
  • Cleveland Fed President Loretta Mester said that the Fed’s short-term rates would need to stay higher for longer than anticipated and added, “I do expect the unemployment rate to rise.”
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