The stubbornness of high inflation is dividing the Federal Reserve over how to manage interest rates in the coming months.
Thank you for supporting our journalism. This article is available exclusively for our subscribers, who help fund our work at the Chicago Tribune.Federal Reserve Chairman Jerome Powell speaks during a news conference in Washington, May 3, 2023, following the Federal Open Market Committee meeting.
“The data in coming weeks could yet show that it is appropriate to skip a meeting,” Logan said in written remarks to the Texas Bankers Association. “As of today, though, we aren’t there yet.”No Fed officials have yet gone so far as to suggest that the Fed will likely cut rates this year. The financial markets, by contrast, have continued to bet that policymakers will feel compelled to cut interest rates twice by the end of 2023.
Greater clarity could arrive Friday, when Chair Jerome Powell is to speak at a Federal Reserve economics conference, though it isn’t certain that he will discuss the Fed’s potential next policy moves. “We haven’t gotten to the hard part yet,” Bostic said, speaking at a conference sponsored by the Atlanta Fed at Amelia Island in Florida. “There’s going to be tension and pressure and stress coming from a lot of different circles, and we are collectively going to have to ... be willing to be resolute and hold the course.
“Inflation is looking sticky in a lot of places, and that’s got to concern” the Fed, said Diane Swonk, chief economist at KPMG. For now, Williams said, the Fed needs to monitor forthcoming economic data to assess how its policies have affected the economy. Williams offered no sign that he would like rates to increase anytime soon.
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