New York Fed's Williams warns interest rates likely to stay high for a while
Fed expected to raise interest rates again to curb inflation
Fox News contributor Jonas Max Ferris joined ‘Kennedy’ to weigh in on inflation and what the Federal Reserve will do next to bring it down.
New York Federal Reserve President John Williams said Tuesday that he expects the U.S. central bank to raise interest rates higher this year and to keep them elevated at those levels until inflation slows down.
Speaking at a virtual event hosted by The Wall Street Journal, Williams stressed that policymakers remain focused on bringing inflation closer to the Fed's 2% goal and will need to push the interbank lending rate higher in order to do so.
"We need to have somewhat restrictive policy to slow demand and we’re not there yet," he said, adding: "This is not something we’re going to do for a very short period and then change course."
His comments echoed those made by Chairman Jerome Powell in a keynote speech last week at the Kansas Federal Reserve's annual economic symposium in Jackson Hole, Wyoming. In his message, Powell reiterated a pledge to "forcefully" fight inflation that is still running near the hottest pace in 40 years.
FED RAISES INTEREST RATES BY 75 BASIS POINTS IN ANOTHER HISTORIC MOVE TO TACKLE INFLATION