Federal Reserve Bank of Boston President Susan Collins said policymakers will need to be patient as they assess economic data to figure out their next steps and that further tightening may still be required, based on what the trends show.
“This phase of our policy cycle requires patience, and holistic data assessment, while we stay the course,” Collins said Wednesday in remarks prepared for an event with business leaders in Boston. “And while we may be near, or even at, the peak for policy rates, further tightening could be warranted, depending on the incoming data.”
The Federal Open Market Committee lifted its benchmark rate in July to a range of 5.25% to 5.5%, the highest level in 22 years, after holding steady in June. Policymakers are slowing the pace of their rate hikes as they near a potential end of their monetary policy tightening campaign. The Boston Fed chief said Wednesday that she expects the US central bank will “need to hold rates at restrictive levels for some time.” She said that while demand is moderating, it continues to outpace supply, adding to price pressures.
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