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Oct 2 - Federal Reserve Vice Chair for Supervision Michael Barr on Monday said the U.S. central bank should proceed"carefully" on monetary policy, adding that his focus is less on how much higher interest rates should go but how long they should stay high.
The Fed last month opted to leave its benchmark policy rate unchanged in the 5.25%-5.5% range, but most policymakers were penciling in another interest rate hike before year's end and fewer rate cuts next year than they had earlier envisioned. There's been a lot of progress on inflation, Barr said, noting that the consumer price index, which was rising at a 9% pace in June of last year, registered about a 3.75% increase in August, and inflation expectations remain anchored at the Fed's 2% target.
His baseline expectation, he said, is for GDP growth to moderate to below its potential, which most Fed officials estimate at 1.8%, and for the labor market to soften further.
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Fed's Barr says his focus is on how long to hold rates high'In my view, the most important question at this point is not whether an additional rate increase is needed this year or not, but rather how long we will need to hold rates at a sufficiently restrictive level to achieve our goals,' Barr said in remarks prepared for delivery to the Forecasters Club of New York. The Fed last month opted to leave its benchmark policy rate unchanged in the 5.25%-5.5% range, but most policymakers were penciling in another interest rate hike before year's end and fewer rate cuts next year than they had earlier envisioned. Barr said his assessment of appropriate policy will take account of a range of incoming data, including 'the cost and availability of credit to the economy.'
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Fed's Barr says his focus is on how long to hold rates high(Reuters) - Federal Reserve Vice Chair for Supervision Michael Barr on Monday said the U.S. central bank should proceed
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Fed’s Barr Says Biggest Question Is How Long Rates Stay HighFederal Reserve Vice Chair for Supervision Michael Barr said the biggest question policymakers are facing now is how long to hold interest rates at restrictive levels, echoing Chair Jerome Powell’s message that they can proceed carefully on whether to hike again.
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