A top Federal Reserve official stated his support for more interest rate hikes as a tight labor market, persistent inflation, and uncertain credit conditions continue to threaten the U.S economy.
Federal Reserve Governor Christopher Waller told the University of California Santa Barbara County Economic Summit on May 25 that the Fed should not stop raising interest rates until there is clear evidence that inflation is cooling after it unexpectedly rose to 4.9 percent last month, causing concerns over lack of progress.
Interest rates currently stand at a range between 5 to 5.25 percent after the Fed hiked rates in early May.
Fed Chairman Jerome Powell signaled that Fed funds rates may be high enough for the central to pause its money tightening to better assess the impact so far on the economy….