Federal Reserve Governor Supports More 75bps Rate Hikes Citing 'Significant Risk of High Inflation Into Next Year'
Referencing the Federal Open Market Committee ’s decision to raise the federal funds rate by 75 basis points during its July meeting, she expressed her support for the increase and the FOMC’s view that “ongoing increases would be appropriate at coming meetings.” I will need to see unambiguous evidence of this decline before I incorporate an easing of inflation pressures into my outlook.
The Fed governor also pointed out that businesses are also suffering from elevated inflation through rising and volatile prices for inputs. Noting that she does not expect rents to decline anytime in the near future, coupled with high gas prices and continued inflation risk from motor vehicle prices, she cautioned:
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So..... normalize rate hikes? Welcome to the fall of the West.
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