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Fed Official Says Inflation Is ‘Stubbornly Persistent,’ Justifying Rapid Rate Rises
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High inflation is proving to be more persistent than anticipated and has created a strong case for the Federal Reserve to lift and then hold interest rates at levels that will slow economic activity, a central bank official said Thursday.
The Fed will need to keep rates at restrictive levels “until we are confident that inflation is firmly on the path toward our 2% goal,” said Fed governor Lisa Cook in remarks at the Peterson Institute for International Economics, where she made her first speech since joining the central bank’s board this May.
Read more on wsj.comAbout this in other media
Fed Minutes Show Concerns of More Persistent High Inflation wsj.com /2 years ago
Fed officials expect higher rates to stay in place, meeting minutes show cnbc.com /2 years ago
Two Fed Officials Make Case for Caution With Future Interest Rate Raises wsj.com /2 years ago
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