© Reuters.
Investing.com – New York Federal Reserve Bank President John Williams said in an interview with The New York Times released Monday that he expects interest rates to start falling next year.
“Inflation is declining as hoped, and unemployment is expected to rise slightly as the economy slows,” Williams added. As the Fed member expected the unemployment rate to rise above 4% next year.
He explained, “There is a possibility to cut interest rates in early 2024, depending on the incoming economic data.”
Williams’ comments seem to have little or no impact on the markets so far. The American is rising near 102.12, up 0.30% during these moments of the day.
Meanwhile, it is falling 0.33% to $1,970 an ounce.
While it fell by 0.39% to 1935 dollars an ounce.
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It comes after Conservative Michelle Bowman said the Fed will likely need to raise more to bring down inflation.
Bowman revealed her support for a quarter-point price increase last month, which she attributed to still high inflation, strong consumer spending, a recovery in the housing market, and a strong labor market that is fueling higher prices.
She added, “We must remain ready to raise the Fed’s interest rate at any future meeting if incoming data indicates that inflation is not sufficiently declining toward the Fed’s target.”
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2023-08-07 09:40:00
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