Atlanta Fed President Raphael Bostic on Wednesday said the Fed needs to raise the federal funds rate to between 5% and 5.25% and no rate cuts this year.
The Federal Reserve needs to keep raising interest rates until the target range is between 5% and 5.25%, said Atlanta Fed President Raphael Bostic on Wednesday.In an essay published on his bank’s website, Bostic did not specify whether he wanted to see two quarter percentage... The Federal Reserve needs to keep raising interest rates until the target range is between 5% and 5.25%, said Atlanta Fed President Raphael Bostic on Wednesday.
While there are some signs that price pressures could be receding, it is too soon for the Fed to reverse course for fear of a recession, Bostic said. “History teaches that if we ease up on inflation before it is thoroughly subdued, it can flare anew,” Bostic said.The yield on the Fed’s 10-year Treasury note TMUBMUSD10Y was inching up close to 4% in morning trading after relatively hawkish comments from Minneapolis Fed President Neel Kashkari and Bostic’s essay. The last time the 10 year yield closed above 4% level was last November. U.S. stocks DJIA SPX were moving lower in morning trading.
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