Economics
Fed Repeats It Will ‘Soon’ Be Time to Raise Interest Rates
- Fed releases report to Congress ahead of Powell testimony
- Report based on data gathered before Russia invaded Ukraine
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The Federal Reserve reiterated its view that it will “soon” be time to raise interest rates to counter high inflation amid a buoyant U.S. job market.
The Fed said “it will soon be appropriate to raise the target range for the federal funds rate,” citing inflation well above its 2% target and a “strong” labor market in its semi-annual report to Congress released Friday, ahead of testimony to lawmakers next week by Chair Jerome Powell.