The Fed is focused on inflation and the banking jitters won't stall its interest-rate increases, Jim Bianco says
The Federal Reserve is so focused on fighting inflation that the latest banking-sector tremors won't unsettle its policy stance that favors higher interest rates, Wall Street analyst Jim Bianco said.
The US central bank is widely expected to raise its benchmark rate by another 25 basis points this week. It has boosted borrowing costs toward 5%, from almost zero as of March 2022. "I think the way that [Powell] looks at it is that 57% of the public - and this is a recent survey by Bankrate - lives paycheck to paycheck, they couldn't come up with $1,000 in savings. So he looks at a 5% or 6% inflation rate and says: 'these people lose, I have to do something about inflation.'"
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