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Fed officials say 'temporary' inflation surge may last longer than thought
A century maybe?
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By Howard Schneider
Reuters
Wednesday, June 23, 2021
WASHINGTON -- A period of high inflation in the United States may last longer than anticipated, two U.S. Federal Reserve officials said today, prompting one to pull forward his views on when the central bank should start raising interest rates.
Atlanta Fed President Raphael Bostic said with growth surging to an estimated 7% this year and inflation well above the Fed's 2% target, he now expects interest rates will need to rise in late 2022.
... Dispatch continues below ...
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"Given the upside surprise in recent data points I pulled forward my projection," Bostic said, placing him among seven Fed policymakers who at the central bank's meeting last week projected the overnight policy rate may need to lift from the current near zero level sometime next year. ...
"Temporary is going to be a little longer than we expected initially. ... Rather than it being two to three months it may be six to nine months," Bostic said in an interview on National Public Radio's "Morning Edition." ...
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