“We are going to have to do what’s necessary” to get inflation back to 2% and that could mean that when it comes to further rate rises, the end point of action “could be higher than what we wrote down” at the Federal Open Market Committee meeting this week, he said on Bloomberg TV.
Against the Fed’s current rate target of 4.25% to 4.5%, the Fed penciled in a 5.1% stopping point next year.
© 2022 Thomson/Reuters. All rights reserved.
Read the full article here