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Future Fed rate hikes will depend on inflation data: minutes

Federal Reserve Chair Jerome Powell
Federal Reserve Chairman Jerome Powell Xinhua News Agency via Getty Images

Federal Reserve officials said last month that the pace of future interest rate rises would depend on forthcoming data, and that controlling rates will take some time , some saw the need to keep interest rates at a “sufficiently restrictive level”.Inflation,According to the minutes of the sessionon July 26-27.

Session participants noted that it may take longer than expected for inflation to subside, and that a slowdown in aggregate demand designed by central banks "will play an important role in reducing inflationary pressures." fulfill," he said. Released Wednesday.

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Minutes are Fed Officials , at its next meeting on Sept. 20-21, favor either a smaller rate hike of 0.5 percentage points or a third consecutive 75 basis point rate hike, but inflation and broader economic developments will push interest rates forward. It is a restatement of pushing up. decision.

 The Fed has raised its overnight rate benchmark to a target range of 2.25% to 2.50% this year as part of its effort to contain inflation. , which has hovered at his 40-year high and more than tripled his 2% target, according to the Fed's recommended metric.

The central bank is widely expected to raise rates by 50 or 75 basis points next month.

 For the Fed to cut rate hikes , the inflation report due by the next meeting will confirm the pace The range of price increases that may be necessary is on the decline.