The US central bank has raised interest rates 11 times since March 2022 in a bid to tame inflation and bring it firmly down to its long-term target of two percent
The Federal Reserve building is seen before the Federal Reserve board is expected to signal plans to raise interest rates in March as it focuses on fighting inflation in Washington, U.S., January 26, 2022. REUTERS/Joshua Roberts/File Photo
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The Federal Reserve building is seen before the Federal Reserve board is expected to signal plans to raise interest rates in March as it focuses on fighting inflation in Washington, U.S., January 26, 2022. REUTERS/Joshua Roberts/File Photo
US interest rates are rapidly approaching their highest level in the Federal Reserve’s current battle against inflation, and may already be there, a senior Fed official said Friday.
The US central bank has raised interest rates 11 times since March 2022 in a bid to tame inflation and bring it firmly down to its long-term target of two percent.
Although inflation has come down sharply in the last 12 months, it remains stuck stubbornly above the Fed’s target, even increasing slightly over the summer, which has kept up the pressure.
“My current assessment is that we are at, or near, the peak level of the target range for the federal funds rate,” New York Fed President John Williams said in a statement published Friday.
“I expect we will…
