Business Maverick: Fed’s Williams Sees 50 or 75 Basis-Point Rate Hike Debated in July

2022/06/28 19:53:00

US central bankers will discuss whether to raise rates by 50 basis points or 75 basis points when they meet next month, with the decision being determined by economic data, Federal Reserve Bank of New York President John Williams said on Tuesday.

US central bankers will discuss whether to raise rates by 50 basis points or 75 basis points when they meet next month, with the decision being determined by economic data, Federal Reserve Bank of New York President John Williams said on Tuesday.

US central bankers will discuss whether to raise rates by 50 basis points or 75 basis points when they meet next month, with the decision being determined by economic data, Federal Reserve Bank of New York President John Williams said on Tuesday.

“In terms of our next meeting, I think 50 to 75 is clearly going to be the debate,” Williams said during an interview with CNBC.We should probably stop asking if things ‘can get any worse’, because they always do – as highlighted by the predicted July petrol price.Fashion and Beauty Dripping in diamonds: Kendrick Lamar’s Glastonbury crown has 50 thorns It took 1 300 hours for four craftsmen to put together American rapper Kendrick Lamar’s diamond-encrusted crown.27 June 2022 - 20:38 By Lucy Marks Fifty years ago, a group of LGBT+ campaigners marched from London’s Trafalgar Square to Hyde Park to protest against discrimination and fight for acceptance in the city’s first Pride rally.

“My view is we’ve got to get interest rates higher, and we have to do that expeditiously.” The policy maker said he supports raising the Fed’s benchmark interest rate to a range of 3% to 3.5% by later this year, and that the path for 2023 will depend on the data — though current bets in financial markets for rates the be around 3.5% to 4% next year are “a perfectly reasonable projection right now.” Fed officials have pivoted to more aggressive rate increases as they fight the hottest inflation in 40 years, following criticism that they left monetary policy too easy for too long as the economy rebounded from the pandemic.Already subscribed? Simply sign in below.

The Fed raised its benchmark interest rate earlier this month by 75 basis points — the biggest increase since 1994 — to a range of 1.5% to 1.75%.Chair Jerome Powell told reporters after the meeting that officials could consider another 75 basis-point increase, or a 50 basis-point hike, when they meet next month.Powell will speak on Wednesday on a panel during the European Central Bank’s annual policy forum in Sintra, Portugal.

Some other policy makers, including Fed Governor Michelle Bowman and Governor Christopher Waller, have since backed a 75 basis-point hike at their July 26-27 meeting.Minneapolis Fed President Neel Kashkari and Chicago’s Charles Evans said it would be reasonable to consider another increase of that size and San Francisco’s Mary Daly called it a good place to start the debate.Consumer prices rose 8.6% last month from a year ago, according to the Labor Department.The CPI report for June will be published July 13, before the Fed holds its next meeting.

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