A pair of U.S. central bankers said on Friday they supported further sharp interest rate hikes to stem rapid price rises, even as investors cheered economic data showing inflation expectations to be less worrisome than initially feared.
Last week, the Federal Reserve raised its benchmark overnight interest rate by three-quarters of a percentage point - its biggest hike since 1994 - to a range of 1.50% to 1.75%, and signaled its policy rate would rise to 3.4% by the end of this year.
San Francisco Fed President Mary Daly on Friday said she would still have supported a 75 basis point hike in June even had she known the revised 3.1% figure. Speaking earlier in the day, St. Louis Fed President James Bullard said the Fed must "act forthrightly and aggressively to get inflation to turn around and get it under control," repeating his call to frontload hikes to bring inflation down to the Fed's 2% target.
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