10/2, 7:45 PM (Source: TeleTrader)
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Barr: Rates to remain at restrictive level for 'some time'

United States Federal Reserve Vice Chair for Supervision Michael Barr remarked on Monday that he expects the Fed will have to maintain restrictive monetary policy for "some time" until it becomes clear whether the interest rate hikes have achieved their objective.

"We are now at a point where we can proceed carefully as we determine the extent of monetary policy restriction that is needed," Barr stressed in his speech before the Forecasters Club of New York. He added that the results of the tightening policy that is being implemented to control inflation "are yet to come" in upcoming months.

"Our strong measures have ensured that inflation expectations remain well anchored," Barr concluded.

Baha Breaking News (BBN) / JJ