The president of the Richmond Federal Reserve on Thursday said the speed at which the U.S. central bank raises interest rates to head off high U.S. inflation will depend on how quickly price pressures recede.
The Fed’s long-run goal is to reduce inflation to an average of 2% a year. U.S. inflation, as measured by the consumer price index, surged to a nearly 40-year high of 7% in 2021. “But were inflation to remain elevated and broad-based, we would need to take on normalization more aggressively, as we have successfully done in the past,” he said.
The central bank has signaled that it likely to raise interest rates several times this year after it stops a separate bond-buying program that was also designed to keep rates low.
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