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Fed’s George Says Rates Should Stay Above 5% Well Into 2024

  • Inflation ‘way too high,’ there’s much work to do, Bostic says
  • George says Fed should hold rates above 5% well into 2024
Bloomberg business news
Minutes Show Fed Officials Affirmed Inflation Resolve
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Federal Reserve officials started the new year reiterating their concerns about US inflation being too hot, with one regional president saying interest rates should remain high well into 2024 to cool price growth. 

“I have raised my forecast over 5%,” Federal Reserve Bank of Kansas City President Esther George said Thursday in an interview on CNBC television, referring to her projection for the federal funds rate. “I see staying there for some time, again, until we get the signals that inflation is really convincingly starting to fall back toward our 2% goal.”