WASHINGTON: US central bankers do not expect it will be 'appropriate' to start cutting interest rates this year with inflation remaining high, according to minutes of the latest Federal Reserve policy meeting released on Wednesday (Jan 4). The Fed has waged an all-out campaign to cool the world's bigg
WASHINGTON: US central bankers do not expect it will be"appropriate" to start cutting interest rates this year with inflation remaining high, according to minutes of the latest Federal Reserve policy meeting released on Wednesday .
But Fed policymakers believe"a restrictive policy stance would need to be maintained" until data shows inflation is on a sustained downward path, according to minutes from the gathering last month."No participants anticipated that it would be appropriate to begin reducing the federal funds rate target in 2023," the meeting minutes added.
Consumer spending growth has likely been helped by a strong labour market and households tapping excess savings from the pandemic - but some officials note that budgets are being stretched in lower-income households.
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