The president of the New York Federal Reserve said on Tuesday that central bank policymakers must raise interest rates higher in order to combat the hottest inflation in decades.
Fox News contributor Jonas Max Ferris joined 'Kennedy' to weigh in on inflation and what the Federal Reserve will do next to bring it down.
Speaking at a virtual event hosted by The Wall Street Journal, Williams stressed that policymakers remain focused on bringing inflation closer to the Fed's 2% goal and will need to push the interbank lending rate higher in order to do so. "While higher interest rates, slower growth and softer labor market conditions will bring down inflation, they will also bring some pain to households and businesses," Powell said. "These are the unfortunate costs of reducing inflation. But a failure to restore price stability would mean far greater pain."
The current benchmark federal funds range of 2.25% to 2.50% is around the "neutral" level, meaning that it neither supports nor restricts. But the Fed chief, along with Williams, signaled that a restrictive stance will almost certainly be necessary as the central bank tries to pump the brakes on the economy.
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