The Fed: Fed’s George’s says inflation remains broad-based and there is ‘more work to be done’

by | Aug 25, 2022 | Stock Market

It remains far from clear whether the easing in U.S. inflation in July is the start of a trend, Kansas City Federal Reserve President Esther George said Thursday. “We still have high inflation. We saw some easing in the July numbers, but I think it remains broad -based, so there’s more work to be done,” George said in an interview with CNBC.

The Kansas City Fed is the host of the Fed’s Jackson Hole, Wyoming, summer symposium and George does a series of interviews that signal the unofficial start of the conference. George wouldn’t get dragged into the debate over the size of the expected interest rate hike in September, saying there would be more inflation and jobs data before the central bank’s meeting on Sept. 20. She said it remained unclear how high the Fed would need to ultimately push interest rates to get inflation under control. She said that getting rates above 4% was possible and that even over 5% couldn’t be ruled out. The Fed has pushed rates to a range of 2.25%-2.5% since March, included two 0.75 percentage point rate hikes in June and July. Fed officials have been debating whether to …

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