Another Fed official backs US rate hike

By Agence France-Presse

May 17, 2023 12:19 am

WASHINGTON, D.C.: The US Federal Reserve (Fed) may have to continue raising interest rates to bring down inflation, the president of the Minneapolis Fed said on Monday, opening the door to another hike next month.

The Federal Reserve (Fed) has raised its benchmark lending rate 10 times since last year as it looks to suppress demand and bring down inflation, which remains stubbornly above its long-term target of 2 percent.

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