Michelle Bowman, a member of the Board of Governors of the US Federal Reserve System, said that the regulator will continue to tighten monetary policy at the next meetings. After that it will keep rates at a high level to achieve the inflation target. The official noted that in recent months, representatives of the central bank have observed a decrease in some inflation indicators as a result of previous measures to tighten monetary policy. In order to maintain progress in normalizing inflation, the Fed intends to continue raising the rate. Over the past year, the Federal Reserve has raised the interest rate seven times, by a total of 4.25 percentage points. And as the minutes of the Fed's December meeting published last week showed, most members of the management are set for new increases, and none expects a rate cut during 2023. Bowman also noted that when the rate becomes sufficiently restrictive, it will need to be kept at this level for some time to restore price stability. The next meeting on the rate is scheduled for January 31. Market participants and economists expect that the rate will be increased by 25 basis points.
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