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Rates need to rise above 3.5%, no rate cuts in 2023: Fed's Williams

The Fed raised the benchmark fed funds rate to 2.25-2.50% at its last meeting in July.

US Federal Reserve

US Federal Reserve

New York Federal Reserve Bank President John Williams on Tuesday said the U.S. central bank will likely need to get its policy rate above 3.5% and is unlikely to cut interest rates at all next year as it wages a battle against far too high inflation.
"From my perspective right now, I see us needing to kind of hold a policy stance - pushing inflation down, bringing demand and supply into alignment - it's going to take longer, will continue through next year," Williams told the Wall Street Journal. "Based on what I'm seeing in the inflation data, and what

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First Published: Aug 30 2022 | 10:01 PM IST

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