The president of the Richmond Federal Reserve said persistent inflation justified the central bank's move to raise U.S. interest rates again this week.
The president of the Richmond Federal Reserve said doggedly high U.S. inflation justified the central bank’s move to raise interest rates again despite turmoil in the banking system.
The Fed... The president of the Richmond Federal Reserve said doggedly high U.S. inflation justified the central bank’s move to raise interest rates again despite turmoil in the banking system. The Fed lifted a key interest rate on Wednesday to the highest level in almost 16 years as it battles to bring down inflation. The rate of inflation stood at 6% as of February, based on the consumer price index, or more than three times the pre-pandemic average.Yet the Fed also debated whether to delay another rate hike after the failure of Silicon Valley Bank two weeks ago spawned a fresh banking crisis. The Fed and other U.S. regulators swiftly intervened to contain the damage.
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