{"id":9193,"date":"2023-05-15T23:42:46","date_gmt":"2023-05-16T03:42:46","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/fed-officials-see-rates-remaining-high-this-year\/"},"modified":"2023-05-15T23:42:47","modified_gmt":"2023-05-16T03:42:47","slug":"fed-officials-see-rates-remaining-high-this-year","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=9193","title":{"rendered":"Fed Officials See Rates Remaining High This Year"},"content":{"rendered":"
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In contrast to the market\u2019s expectations that the Federal Reserve could cut its benchmark interest rate later this year, ahead of a potential sharp economic slowdown and possible recession, central bank officials signaled they see rates staying high and possibly even rising.\u00a0<\/p>\n

Atlanta Fed President Raphael Bostic told CNBC he doesn\u2019t foresee rate cuts this year, even in a recession. The Fed is determined to return inflation to the 2% target rate. The best policy is \u201cwait and see\u201d he said, to assess how well the actions to date have worked.<\/p>\n

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Minneapolis Fed President Neel Kashkari said at a town hall discussion at the Minnesota Transportation Conference on Monday that with inflation remaining above target, \u201cwe need to finish the job.\u201d Inflation rose at a 4.9% annual pace in April from 5% in March but is still \u201cmuch much too high.\u201d<\/p>\n

Chicago Fed President Austan Goolsbee told CNBC that elevated uncertainty calls for more prudence and patience, and more data, saying officials are \u201cwatching the credit stresses, watching the craziness of the debt ceiling, and watching what\u2019s happening in the labor market, and the prices.\u201d<\/p>\n

Total consumer debt in the first quarter hit a fresh high above $17 trillion despite a major pullback in home borrowing as interest rates rose, according to the New York Fed. Total debt is up about $2.9 trillion the last quarter of 2019, just before the beginning of the pandemic.<\/p>\n

Financial markets are anticipating only a small likelihood of another rate hike at the Fed\u2019s June 13-14 policy meeting, and interest rate futures contracts are anticipating the policy rate to end up around 4.25%-4.50% this year, below current levels, according to the CME FedWatch tool.<\/p>\n

Write to Janet H. Cho at janet.cho@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n

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

In contrast to the market\u2019s expectations that the Federal Reserve could cut its benchmark interest rate later this year, ahead of a potential sharp economic slowdown and possible recession, central bank officials signaled they see rates staying high and possibly even rising.\u00a0 Atlanta Fed President Raphael Bostic told CNBC he doesn\u2019t foresee rate cuts this […]<\/p>\n","protected":false},"author":1,"featured_media":9194,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-9193","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nFed Officials See Rates Remaining High This Year | iFintechWorld<\/title>\n<meta name=\"description\" content=\"In contrast to the market\u2019s expectations that the Federal Reserve could cut its benchmark interest rate 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