(MENAFN) US Federal Reserve Governor Christopher Waller stated on Wednesday that interest rates could surge for longer than estimated as the central bank carries on to battle inflation.
"Inflation remains quite elevated, and so more needs to be done," he stated at the 2023 Arkansas State University Agribusiness Conference. Adding, "The big picture is that the US economy is adjusting well so far to the higher interest rates that are necessary to rein in inflation."
Waller asserted that he believes personal intake to rise modestly and price rises to regulate in the upcoming days, also mentioning that he expects the American economy is going to carry on to surge at a progressive pace in 2022, backed by a robust labor market and progress in decreasing inflation.
"Though we have made progress reducing inflation, I want to be clear today that the job is not done,” he stated. “We are seeing that effort begin to pay off, but we have farther to go. And, it might be a long fight, with interest rates higher for longer than some are currently expecting.”
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