Barr's Detroit Outlook: The Fed Isn't Done Raising Rates
Federal Reserve Vice Chair for Supervision Michael Barr used a Detroit Economic Club speech to press the case that the central bank is not finished raising rates, warning that inflation remains stuck well above target after more than five years of overshooting. The remarks, delivered Tuesday afternoon, amount to a hawkish confirmation of the September 15-16 rate hike, and they point toward further tightening on the inflation axis of the Fed's dual mandate.
Key Takeaways Barr said further rate hikes are likely needed, calling inflation "too high" and "well above" the 2 percent target for five and a half years. He counted only two months of data consistent with 2 percent core PCE inflation over…
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