Federal Reserve officials are weighing in after the U.S. annual inflation surged to 8.5 percent in March.
Lael Brainard, a governor at the Federal Reserve, revealed that the central bank is prepared to move “expeditiously” to raise interest rates to bring the benchmark to a neutral level. The objective, she said in an interview at a Wall Street Journal jobs summit following the release of the latest consumer price index (CPI), is to lower inflation to the institution’s 2 percent target range.
“We are doing that by tightening monetary policy methodically, and it is through a series of interest rate increases as well as beginning that balance sheet runoff,” Brainard stated.
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