Kansas City Fed President Esther George said in an interview with CNBC on Thursday that the US central bank will need to press ahead with rate hikes and keep them high for some time after the tightening process is complete. .
George said he believes the Fed will need to raise a funds rate now between 4.25 and 4.50% to above 5% and stay there “for some time … until we get the signal that inflation is starting to come down from convincingly toward our 2 percent goal.”
For his part, Raphael Bostic, president of the Federal Reserve Bank of Atlanta, commented that inflation is the biggest obstacle facing the US economy at the moment and the Fed authorities “remain determined” to reduce it to the target of 2 percent.
Inflation “is too high in the United States … and the Federal Open Market Committee remains determined to use our policy tools to bring inflation back toward our target,” Bostic said at a conference at the New York branch. Orleans of the Atlanta Fed.
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