The Federal Reserve’s commitment to restoring price stability is unconditional, the Fed said in its latest monetary policy report to Congress.
The central bank on Wednesday raised the range for its policy rate by 75 basis points to 1.50%-1.75% and published forecasts showing most support for lifting borrowing costs further this year.
Atlanta Fed President Raphael Bostic: “We’ll do whatever it takes to make that happen”.
St. Louis Fed President James Bullard said he believes both the Fed and the European Central Bank “have considerable credibility, suggesting that a soft landing is feasible”.
He said that differed from the 1980s when Fed’s fight against high inflation under former Fed Chair Paul Volcker triggered two recessions.
Minneapolis Fed President Neel Kashkari said he supported this week’s rate hike and could support another similar-sized hike in July.
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