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Fed Official Says Monetary Policy Needs ‘Substantial Adjustment’
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The Federal Reserve needs to raise interest rates to address an interval of higher-than-expected inflation, but the central bank could be able to avoid a turn to more restrictive policy as long as price pressures moderate this year, a top official said Friday.
“The current stance of monetary policy is wrong-footed and needs substantial adjustment,” said Chicago Fed President Charles Evans at a monetary-policy conference in New York. “But how big will it need to be?”
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