Central Banks
Fed’s Cook Says More Rate Hikes Needed to Curb Inflation
- Smaller moves allow time to evaluate effects of rate increases
- Officials in December forecast rates peaking at 5.1% this year
This article is for subscribers only.
Federal Reserve Governor Lisa Cook said the US central bank was acting forcefully to curb inflation, though tightening policy in smaller steps was the right thing to do as officials move forward.
“We are determined to bring inflation down to our target,” Cook said Wednesday in Washington at an event hosted by the Joint Center for Political and Economic Studies. “So I think we are not done yet with raising interest rates, and we will need to keep interest rates sufficiently restrictive.”