Federation faces pressure to hike rates

There is increasing pressure within the U.S. Federal Reserve Board to support tightening monetary policy, as three regional bank presidents believe that inflation has become more entrenched and that further delay is not an option. They consider that inflation will not return to the Fed’s 2% target unless the bank raises interest rates, with prospects growing for a gradual increase in rates, especially as inflation remains at elevated levels. Despite the majority voting to keep interest rates unchanged, dissent within the committee indicates disagreements over the timing of monetary tightening, with some officials adopting a more cautious approach to ensure inflation returns to the target.

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