11/28/2022, 6:23 PM (Source: TeleTrader)
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Fed's Bullard: Fed to keep hiking rates in 2023

St. Louis Fed President James Bullard confirmed on Monday the Federal Open Market Committee (FOMC) would have to continue hiking rates next year until it reaches the 5-7% rate range. This means the Fed will have to increase its key rates by at least one more percentage point.

Bullard agreed with his colleague from the Fed, John Williams, that the recession in the United States isn't seen as the baseline scenario, however noting the economy would see slow growth during the next year. However, he argued the Fed might have to keep rates higher through 2023 and into 2024.

Growth estimates for the final quarter of this year are trending positive, he concluded.

Baha Breaking News (BBN) / ND