Fed exec: High rates likely for 'some time'

By Agence France-Presse

Oct 04, 2023 12:39 am

WASHINGTON, D.C.: The US Federal Reserve (Fed) will likely need to keep interest rates higher for longer in order to firmly bring down inflation, a senior Fed official said Monday.

The Fed has raised its key lending rate 11 times since March 2022, lifting rates to a 22-year high as it looks to bring inflation down to its long-term target of 2 percent.

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