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Fed’s George Concerned About Effect of Aggressive Rate Rises on Economy
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The Federal Reserve official who cast the sole vote opposing the central bank’s supersize rate rise last month is still worried monetary policy tightening may be happening more quickly than the economy and financial sector can absorb.
“I’m certainly sympathetic to the view that interest rates need to increase rapidly, recognizing that current rates are out of sync with today’s economic landscape,” Federal Reserve Bank of Kansas City President Esther George said in a speech text. “However, I am also mindful of how the rate of change in tightening policy can affect households, businesses, and financial markets particularly during a time of heightened uncertainty.”
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