Ex-Fed Official Clarida Sees Rates Staying in 4.5%-5% Range for ‘Long Time’

Former Federal Reserve Vice Chair Richard Clarida said he expects the central bank to raise interest rates to a range of 4.5% to 5% and leave them there for a “long time.”

“Under Chair Powell’s leadership, they are putting rates on a path where I think they’ll probably need to get, which is somewhere between 4 1/2 and 5%, next year,” Clarida said in an interview with CNN aired Wednesday. “They’re going to keep them there for a long time.”