The Fed last week held its benchmark policy rate in the 5.25 per cent - 5.50 per cent range to keep continued pressure on the economy to cool inflation
Neel Kashkari , President and CEO of the Fed eral Reserve Bank of Minneapolis, speaks in New York City on May 22, 2023.Minneapolis Fed eral Reserve President Neel Kashkari on Sunday said it’s a “reasonable prediction” that the U.S. central bank will cut interest rates once this year, waiting until December to do it.
The Fed last week held its benchmark policy rate in the 5.25 per cent - 5.50 per cent range, where it has been since last July, to keep continued pressure on the economy so as to cool inflation. It also published projections that showed the median forecast from all 19 U.S. central bankers was for a single interest rate cut this year.
Kashkari, who has been more cautious about the possibility of easing monetary policy than many of his colleagues, did not say how many rate cuts he personally expects. The unemployment rate in May ticked up to 4 per cent, the highest since just before the Fed launched its rate hiking campaign in March 2022 but still below what most of its policymakers see as sustainable.
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