Zachary Halaschak is an economics reporter at the Washington Examiner. Before moving to Washington, he worked in Alaska, covering politics, government, and crime for the Ketchikan Daily News. While there, Zach won the Alaska Press Club’s second-place award for best reporting on crime or courts for his coverage of a local surgeon’s alleged murder.
The Federal Reserve decided again to refrain from hiking interest rates as the central bank evaluates its next steps amid this persistent bout of inflation.
Inflation is proving a bit stubborn for the Fed, which might mean that the central bank will have to end up keeping the target rate high for longer, or perhaps tighten a bit more. Right now, the Fed is playing a game of wait-and-see and is holding rates steady in order to analyze how the labor market, gross domestic product growth, and inflation gauges react.Inflation in the consumer price index for the year ending in September came in at 3.7%, matching the level it was the month before.
“They have got a tough decision to make,” former Republican Ohio Sen. Rob Portman told the Washington Examiner in an interview ahead of the Fed decision. “Obviously, interest rates are already pinching the economy … I think it’s tough to raise rates again. On the other hand, inflation has not abated. We’ve still got wage inflation, which I think is driving a lot of this.”
Treasury Secretary Janet Yellen has echoed others in saying that a “soft landing,” a scenario in which the Fed is able to tame inflation while preventing a recession, is now more likely than not.
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