Fed unlikely to cut interest rates this year

by The Manila Times

Jan 06, 2023 12:18 am

WASHINGTON, D.C: US central bankers do not expect it will be 'appropriate' to start cutting interest rates this year with inflation remaining high, according to minutes of the latest Federal Reserve (Fed) policy meeting released on Wednesday.

The Fed has waged an all-out campaign to cool the world's biggest economy as inflation surged to a 40-year high last year, raising the benchmark lending rate seven times to ease demand.

Traders work on the floor of the New York Stock Exchange during morning trading on January 04, 2023 in New York City. U.S. stocks rose at the start of the second day of trading in 2023. The stock market opened awaiting an economic data report on the U.S. economy amid the Federal Reserve’s rate hikes to attempt to lower inflation. Michael M. Santiago/Getty Images/AFP

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