Federal Reserve Board Vice Chair Lael Brainard speaks with leaders from organizations that include nonprofits, small businesses, manufacturing, supply chain management, the hospitality industry, and the housing and education sectors at the Federal Reserve building on Sept. 23, 2022, in Washington. Brainard said Sept. 30, 2022, that U.S. interest rates will likely have to remain high for an extended period to combat inflation, capping a week of tough rhetoric by Fed officials.
In remarks at a conference hosted by the Federal Reserve Bank of New York, Brainard said that international turmoil still threatens to disrupt global supplies of commodities and manufactured parts, a key factor pushing inflation higher. Additional inflationary shocks from Russia’s invasion of Ukraine, China’s COVID lockdowns, or severe weather events globally “cannot be ruled out,” she said.
Brainard also addressed concerns that rapid interest rate hikes by central banks around the world are raising the risks of global financial turmoil and recession. Maurice Obstfeld, formerly the top economist at the International Monetary Fund, warned earlier this month that the combined interest rate hikes by so many central banks could amplify their impact.
Fire. Meet gasoline.
Honesty, I think they’ll raise interest rates again.
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