US Federal Reserve Hints at New Interest Rate Hike and Cryptocurrency Webinar on Investing.com

Investing.com – Cleveland President Loretta Mester told the Financial Times on Tuesday that she saw no “compelling” reason to hold off on a June hike.

Meanwhile, the chairman of the Richmond Federal Reserve on Tuesday expressed concern that soaring inflation probably won’t slow if there isn’t a sharp recession in the US economy.

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There is no reason to stop raising interest rates

Meester indicated that she sees reasons for us to continue to raise interest rates, and then keep them at this high level for some time, until the Fed feels less uncertain about the direction of the economy.

Mester’s comments come after some Fed policymakers hinted that they may support a pause in interest rate hikes in June to assess the impact of the US central bank’s policy tightening so far.

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Ten consecutive interest rate increases by the Federal Reserve have brought the US interest rate to a range of 5.00%-5.25%.

Meester also said the debt ceiling deal brokered by President Joe Biden and House Speaker Kevin McCarthy could alleviate “a large part of the uncertainty about the economy.”

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Inflation may not go down

Thomas Parkin said that high inflation probably will not slow if there is no severe recession in the US economy.

Barkin emphasized that companies tend to keep raising prices as long as there is strong demand among customers, noting that demand must slow significantly to get companies to stop raising prices.

The Fed member noted that inflation is more stable than many people would hope, adding that there is a lot of uncertainty about where interest rates should go.

Barkin said he has not made a decision on whether to support another rate hike at the Fed’s next policy meeting, scheduled for June 13-14.

The policymaker concluded that current interest rates may not be restrictive enough to rein in inflation, noting that Americans are still spending a lot of money, traveling at a record pace, and buying a lot of new cars.