Federal Reserve Vice Chair Lael Brainard vowed Wednesday to press the fight against inflation that she said is hurting lower-income Americans the most.
That will mean more interest rate increases and keeping rates higher for longer, she said in remarks prepared for a speech in New York.
related investing news
“We are in this for as long as it takes to get inflation down,” the central bank official said, just two weeks before the Fed’s next policy meeting. “So far, we have expeditiously raised the policy rate to the peak of the previous cycle, and the policy rate will need to rise further.”
Markets are betting that the rate-setting Federal Open Market Committee enacts its third consecutive 0.75 percentage point increase in benchmark rates when it meets again Sept. 20-21.