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Cash-Rich Consumers Could Mean Higher Interest Rates for Longer
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Washington’s response to the pandemic left household and business finances in unusually strong shape, with higher savings buffers and lower interest expenses. It could also make the Federal Reserve’s job of taming high inflation more difficult.
The U.S. central bank is trying to slow down economic growth to prevent inflation from becoming entrenched. To that end, it has increased rates aggressively this year and is likely to raise them another 0.75 percentage point at a two-day policy meeting that concludes Wednesday. That would bring the benchmark federal-funds rate to a range of 3.75% to 4%.
Read more on wsj.comAbout this in other media
Elevated Inflation Presents Risk to U.S. Economy, Fed Report Finds wsj.com /1 year ago
Elevated Inflation Presents Risk to U.S. Economy, Fed Report Finds wsj.com /1 year ago
Federal Reserve Hikes by 0.75 Point, Signals Slower Increases but Ultimately Higher Rates wsj.com /1 year ago
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