World

US Federal Reserve’s Top Official Believes Interest Rates Are At Or Near Their Peak

A senior Fed official stated Friday that interest rates in the United States are swiftly approaching if not already at, their highest level in the Federal Reserve’s ongoing battle against inflation.

Since March 2022, the US central bank has raised interest rates 11 times in an effort to contain inflation and bring it back down to its long-term target of two percent.

Although inflation has fallen dramatically in the last 12 months, it remains stuck persistently over the Fed’s target, even growing slightly over the summer, adding to the pressure.

In a statement, New York Fed President, John Williams stated, “My current assessment is that we are at, or near, the peak level of the target range for the federal funds rate”.

“I expect we will need to maintain a restrictive stance of monetary policy for some time to fully restore balance to demand and supply and bring inflation back to our 2 percent longer-run goal”, Williams continued.

Earlier Friday, the key US inflation index used by the Fed to decide interest rates rose again in August, pushed by rising energy prices.

Aside from unpredictable food and energy costs, which continue to hurt Americans at grocery stores and gas pumps, inflation actually fell last month to its lowest annual pace since 2021.

According to CME Group data, futures traders currently assign a likelihood of more than 80 percent that the Fed will keep rates unchanged at its November 1 meeting.

Also read: Russian President Claims Convicts Killed In Ukraine War Have Fully Redeemed Themselves

Spriha Rai

Recent Posts

Gautam Adani Hails Puri Lifeguards As Unsung Heroes During Rath Yatra Visit

Gautam Adani, Chairman of the Adani Group, visited Puri in Odisha during the annual Rath…

5 hours ago

Acharya Pramod Krishnam Slams Congress Over ‘Internal Emergency’ Allegation

Acharya Pramod Krishnam, stirred political debate by claiming an 'internal emergency' still exists within the…

5 hours ago

MRM Meeting: Pledge for Global Peace, Green India, De-addiction & Democratic Integrity

Taking a crucial step toward positive transformation, social reform, and global peace, the Muslim Rashtriya…

6 hours ago

India To Host 2029 World Police & Fire Games; Amit Shah Hails Global Recognition

India has been chosen to host the prestigious 2029 World Police and Fire Games in…

6 hours ago

Seeing The Lord Among Devotees Is The Pinnacle Of Humility: Gautam Adani At Rath Yatra

Gautam Adani, along with his wife and Karan, participated in the Rath Yatra in Puri,…

8 hours ago

PM Modi Interacts With Group Captain Shubhanshu Shukla Aboard The ISS

PM Narendra Modi interacted with Group Captain Shubhanshu Shukla, the first Indian to reach the…

9 hours ago