Federal Reserve Bank of Atlanta's president has warned of 'disastrous results' if the Fed loosens its policy prematurely. ratehikes financialcrisis inflation
Fed President Warns of 'Disastrous Results' if the Fed Loosens Policy Prematurely — Says 'Inflation Remains Too High'
“I believe inflation remains too high,” he wrote, emphasizing the need for the Federal Open Market Committee to raise interest rates more aggressively. Commenting on a narrative that the Federal Reserve should consider “reversing its course of raising the federal funds rate lest we go too far and cause undue economic hardship,” Bostic opined:
“After the FOMC loosened policy prematurely, it took about 15 years to bring inflation under control, and then only after the federal funds rate hit 20%,” the Atlanta Fed president warned. “We don’t want a repeat, so we must defeat inflation now.”We’re not there yet, and that is why I think we will need to raise the federal funds rate to between 5% and 5.25% and leave it there until well into 2024.
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