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Inflation fight could last until 2024, Fed official warns
Potential rail strike may cause delays in shipping before Christmas
FOX Business correspondent Madison Alworth joins “Cavuto: Coast to Coast” with the latest on the possible rail strike that’s expected on Dec. 9, 2022.
A top Federal Reserve official anticipates that interest rates need to rise further and stay high for some time as the central bank remains committed to corralling stubbornly high consumer prices.
In a speech on Monday, New York Fed President John Williams said that policymakers have more work to do in order to control inflation, which remains "far too high."
"My baseline view is that we’re going to need to raise rates further from where we are today," he said during an event held by the Economic Club of New York. "I do think we’re going to need to keep restrictive policy in place for some time. I would expect that to continue at least through next year."
The Fed raised rates by 75 basis points at the beginning of November for the fourth straight meeting as it tries to wrestle inflation closer to its 2% target with the most aggressive tightening since the 1980s.
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