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Fed Sees More Rate Hikes
John Williams, president of the Federal Reserve Bank of New York, indicated that further interest-rate increases may be needed to address persistent inflation, citing the strength of the economy and the resilience of the labor market. He did not specify when the next increase might come or how large it would be. The Fed aims to bring inflation back to 2% on a sustained basis. Markets expect a quarter-point rate increase in December, followed by another in January, compared with the current range of 3.75% to 4%. Williams explained that the central bank cannot reverse the rise in the cost of living caused by inflation; its focus is on keeping inflation low.
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