US Fed official backed rate pause because inflation ‘too high’
A senior member of the US Federal Reserve on Friday said he voted against cutting interest rates this week because inflation was “too high” for comfort. Kansas City Fed president Jeff Schmid was one of two people who dissented on Wednesday’s vote, at which the US central bank backed a quarter percentage-point rate cut. The […]
Trump’s pick for US Fed governor vows to uphold independence
Donald Trump’s pick to join the Federal Reserve’s board of governors pledged Thursday to uphold US central bank independence if confirmed, as the institution faces growing political pressure from the president to slash interest rates. “The Federal Open Market Committee is an independent group with a monumental task, and I intend to preserve that independence,” […]
US Fed official warns against cutting rates ‘too quickly’
The US Federal Reserve should be careful not to cut rates “too quickly” and risk reigniting stubborn inflation, a senior bank official said Wednesday. The Fed’s favored inflation gauge has dropped sharply following a series of interest rate hikes in recent years, and now sits just above its long-term target of two percent. At the […]
