Atlanta Federal Reserve (Fed) chairman Raphael Bostic said he is open to raising US interest rates four times in 2022 if inflation in the country does not reduce as expected. On previous occasions, the official said he defended three 25 basis point increases in the Fed funds rate. On Tuesday, the 1st, however, he said he had no “preconceived” view of the interest rate trajectory in the US.
In any case, the Fed’s focus this year will be on controlling inflation and reducing it to a level closer to the entity’s 2% per year target, Bostic said at an event at the Peterson Institute for International Economics.
The leader – who does not have the right to vote at meetings of the Federal Open Market Committee (FOMC, its acronym in English) this year – also warned of the likely upward pressure on energy prices throughout 2022.
According to him, the American economy, as well as the local job market, show signs that they are supporting themselves and, therefore, it is not necessary to maintain the broad accommodation adopted during the coronavirus crisis. With the US labor market “very tight”, it is possible that the Fed will take the necessary measures to control inflation without harming job growth, Bostic added.
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