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18.10 - 19:37
Top Fed Official Warns of More Persistent Price Pressures
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Despite some signs of easing inflation, underlying price pressures have too much momentum and will likely require a period of higher interest rates, a top Federal Reserve official said Monday.
The economy is already seeing some of the effects of the Fed’s efforts to slow demand, including higher borrowing costs and mortgage rates and falling stock prices, which “have become significantly less supportive of spending,” said New York Fed President John Williams in remarks prepared for delivery Monday.
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