WASHINGTON: Federal Reserve (Fed) policymakers are signalling a pause in increasing interest rages for another couple months as they wait for a resolu...
Federal Reserve policymakers are signalling a pause in increasing interest rages for another couple months as they wait for a resolution of mixed signals: strong economic data, signs of progress on still-stubbornly high inflation, and the potential for the recent rise in longer-term borrowing costs to do some of their work for them.
It cannot continue this way, he said, but it is too soon to know which way the data will break. Should the economy soften, he said, “we can hold the policy rate steady”. As for interest rate cuts, he said, “I don’t really want to get into talking about cutting rates when we maybe haven’t even stopped raising them.”
The Fed drove its policy rate up aggressively last year to bring inflation down from 40-year highs, in big chunks to start and, most recently, by a quarter of a percentage point in July, to the 5.25%-5.50% range where it currently stands. Some Fed policymakers, including Waller, point to the nearly full percentage point rise in the yield on the 10-year Treasury note since the Fed's July rate hike, saying the elevated long-term market rates will likely blunt demand and economic activity, leaving less for the Fed to do.
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