US Fed’s Williams sees no urgency for next rate hike
Fed officials are increasingly worried inflation will not get back to target in a timely manner
Federal Reserve Bank of New York President John Williams stated on Tuesday, September 29 that the US central bank has the time to carefully consider incoming economic data before deciding on the timing of any further interest rate hikes. Williams made this clear in a speech at the University at Buffalo in Buffalo, New York, emphasizing that there is no urgency for an immediate rate increase, adding that one more hike is likely before the year concludes.
The Fed has been raising rates to combat inflation, which has exceeded its 2% target for more than half a decade, with pressures worsening this year due to trade tariffs and rising energy costs stemming from the Middle East conflict. Williams indicated that inflation could end the year around 3.5% as prices stabilize next year, potentially returning to the target range in 2028, contingent on the Middle East situation and energy price trends.
He sees economic growth at 2.25% this year, attributing growth limitations to factors like aging workforce and modest productivity.
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