WASHINGTON — The sharp interest rate hikes of the past two years will likely take longer than previously expected to bring down inflation, several Federal Reserve officials have said in recent comments, suggesting there may be
Higher-for-longer borrowing costs are sure to disappoint many, from Americans hoping for lower mortgage rates before buying a home, to Wall Street traders eagerly awaiting a cut, to President Joe Biden, whose reelection campaign would likely benefit from lower rates.On Wednesday, the government will release April's inflation report, and economists forecast it will show inflation declined slightly to 3.4%, from 3.5% in March. It hasThe Fed has pushed its key rate to a 23-year high of 5.
Many large corporations also locked in low rates before the Fed began hiking, further limiting the impact of higher borrowing costs. “With consumers and businesses alike sheltered from higher interest rates thanks to pandemic-era debt paydowns and refinancing, their aggregate interest burden is not yet historically elevated," Tom Barkin, president of the Richmond Federal Reserve, said in recent comments. “To me, that suggests the full impact of higher rates is yet to come.”
Source: Loan Digest (loandigest.net)
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