{"id":10817,"date":"2023-05-19T05:47:12","date_gmt":"2023-05-19T09:47:12","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/pause-on-rates-isnt-a-done-deal-fed-officials-are-split\/"},"modified":"2023-05-19T05:47:12","modified_gmt":"2023-05-19T09:47:12","slug":"pause-on-rates-isnt-a-done-deal-fed-officials-are-split","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=10817","title":{"rendered":"Pause on Rates Isn’t a Done Deal. Fed Officials Are Split."},"content":{"rendered":"
\n

The next interest rate decision isn\u2019t clear-cut, according to comments this week from Federal Reserve officials, who appear divided on the next move.<\/p>\n

Several Fed officials have emphasized that there is still work to be done to cool inflation, while others have said it might be time to step back and evaluate the progress that has already been made.<\/p>\n

\n

More Fed officials are on deck to speak Friday, including Chair Jerome Powell, who will appear with former Fed Chair Ben Bernanke on an 11 a.m. panel at the Thomas Laubach Research Conference in Washington, D.C.\u00a0<\/p>\n

New York Fed President John Williams will give the keynote address at the same conference at 9:15 a.m.<\/p>\n

On Thursday, Dallas Fed President Lorie Logan told a gathering of bankers in San Antonio that she is leaning toward a rate increase in June, extending the central bank\u2019s streak of 10 consecutive hikes since last year.<\/p>\n

\u201cWe have made some progress,\u201d Logan said in prepared remarks for the banking conference. \u201cThe data in coming weeks could yet show that it is appropriate to skip a meeting. As of today, though, we aren\u2019t there yet.\u201d<\/p>\n

But Fed Gov. Philip Jefferson, who has been nominated to be vice chair, suggested Thursday that it might be time to pause on further increases despite continued high inflation.\u00a0<\/p>\n

\u201cHistory shows that monetary policy works with long and variable lags and that a year is not a long enough period for demand to feel the full effect of higher interest rates,\u201d Jefferson said in a speech to the National Association of Insurance Commissioners.<\/p>\n

Several other Fed officials have appeared in public since late last week. Fed Gov. Michelle Bowman and Cleveland Fed President Loretta Mester argued the Fed hasn\u2019t made enough progress on inflation to stop now.\u00a0<\/p>\n

\u201cShould inflation remain high and the labor market remain tight, additional monetary policy tightening will likely be appropriate,\u201d Bowman said last Friday during a speech in Germany.\u00a0<\/p>\n

Mester said on Tuesday that rates will stay high for a while to keep inflation in check. \u201cI would like the policy rate to get to a point where, when I\u2019m thinking about what would the next policy change be, I want it to be equally a potential increase versus a decrease,\u201d Mester said at a conference in Ireland.<\/p>\n

\u201cHave we gotten to that rate yet? At this point, given the data we\u2019ve gotten so far, I would say no,\u201d she added.<\/p>\n

Minneapolis Fed President Neel Kashkari told a conference in that city this week that the Fed has \u201cmore work to do on our end, to try to bring inflation back down.\u201d Despite multiple rate increases, taking the benchmark from near zero to over 5% since last year, inflation is still running twice as high as the Fed\u2019s 2% target.<\/p>\n

\u201cWe should not be fooled by a few months of positive data,\u201d Kashkari said this week. \u201cWe need to finish the job.\u201d<\/p>\n

Richmond Fed President Tom Barkin told Reuters this week that with more data to scrutinize before the meeting and the stalemate in D.C. over raising the nation\u2019s debt limit, he was open to a pause or a rate increase.<\/p>\n

Atlanta Fed President Raphael Bostic told CNBC that the appropriate policy is \u201cjust wait and see how much the economy slows from the policy actions that we\u2019ve done.\u201d He also said rate cuts this year aren\u2019t in his forecast.<\/p>\n

Chicago Fed President Austan Goolsbee hasn\u2019t decided about supporting a pause, but he warned about being too aggressive, he told CNBC earlier this week. With uncertain economic conditions, he is closely monitoring the data and the impact of the recent banking turmoil on available credit.\u00a0<\/p>\n

\u201cAt moments like this, you don\u2019t want to land the plane nose down,\u201d he said.<\/p>\n

Write to Liz Moyer at liz.moyer@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The next interest rate decision isn\u2019t clear-cut, according to comments this week from Federal Reserve officials, who appear divided on the next move. Several Fed officials have emphasized that there is still work to be done to cool inflation, while others have said it might be time to step back and evaluate the progress that […]<\/p>\n","protected":false},"author":1,"featured_media":4117,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-10817","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nPause on Rates Isn't a Done Deal. 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