Fed Vice Chair Lael Brainard stressed the need to tackle inflation and the importance of not shrinking from the task until it is finished.
Federal Reserve Vice Chair Lael Brainard on Friday stressed the need to tackle inflation and the importance of not shrinking from the task until it is finished.
"Monetary policy will need to be restrictive for some time to have confidence that inflation is moving back to target," the central bank official said in remarks prepared for a speech in New York."For these reasons, we are committed to avoiding pulling back prematurely." The remarks came a little more than a week after the Fed enacted its fifth interest rate increase of the year, pushing its benchmark funds rate to a range of 3%-3.25%. September's increase marked the third consecutive 0.75 percentage point increase for a rate that feeds through to most adjustable-rate consumer debt.
While Fed officials and many economists expect that inflation may have peaked, Brainard warned against complacency.Download NBC 5 Dallas-Fort Worth
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