Fed Harker reiterates preference to keep interest rates steady

Odaily News Fed Harker reiterated his view that policymakers should continue to keep interest rates unchanged because aggressive rate hikes are having an impact on the economy. Harker said in his speech: There is always a lag in monetary policy, and keeping interest rates stable will give these lagging factors time to catch up. Stabilizing the base interest rate within the range of 5.25%-5.5% will enable us to do more in the future and make more prudent and informed decisions. I must add that these decisions could have two outcomes, depending on the data. Harker also said he sees a slow but steady slowdown in inflation and expects inflation to The rate will fall below 3% in 2024 and will reach the 2% target thereafter. The Fed will keep interest rates higher for longer. (Golden Ten)