Fed Governor Favors Raising Interest Rates By 0.75% At The Meeting On July 27
Fed Governor Christopher Waller said he expects to raise the central bank’s benchmark interest rate 75 basis points this month but that he’s open to a larger move depending on incoming data.
The Fed continues to raise interest rates as the inflation rate in the US continues to increase
Federal Reserve Governor Christopher Waller said he’s willing to consider what would be the most aggressive interest rate hike in decades at the central bank’s meeting later this month.
Waller said he supports a 75 basis point hike at the July 26-27 meeting. But he will be watching data and keeping an open mind about what the Fed should do to control inflation.
“I support another 75-basis point increase”Waller said in remarks at an event in Victor, Idaho
Getting prices down is the paramount mission of the Fed now, said Waller, who expects still more rate hikes even after this month’s
“I think we need to move swiftly and decisively to get inflation falling in a sustained way, and then consider what further tightening will be needed to achieve our dual mandate,”He said
An increase in interest rates could be the main factor causing both the stock and crypto markets to “wobble”. Because then, the reduction in the supply of USD and the increase in credit interest rates will take place.
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