Fed official says 1 rate increase might be needed this year

(Worthy News) – A Federal Reserve official who has been a leading supporter of a slow approach to raising interest rates said Wednesday that one rate increase “could be appropriate” this year.

Charles Evans, president of the Fed’s Chicago regional bank, didn’t specify whether he thought that rate increase should come at the Fed’s next policy meeting in September or as late as December. He also said he might still prefer no rate increase at all this year until he sees inflation rising above its current low level.

The Fed has sometimes expressed concern that it might start raising rates too late and fall behind in efforts to fight inflation. But Evans, speaking to a group of reporters, said he isn’t sure that concern is relevant today given how low inflation has remained. A key price gauge favored by the Fed has stayed below the central bank’s 2 percent target level for four years. [ Source ]

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