01/17/2024

Top Federal Reserve Official Says Inflation Fight Seems Nearly Won

He indicated that rate cuts are coming

A top Federal Reserve official said Tuesday that he is increasingly confident that inflation will continue falling this year back to the Fed’s 2 percent target level, after two years of accelerating price spikes that hurt millions of American households.

The official, Christopher Waller, an influential member of the Fed’s Board of Governors, noted that inflation is slowing even as growth and hiring remain solid — a combination that he called "almost as good as it gets."

Waller’s remarks follow recent comments from other senior Fed officials that suggest that the central bank remains on track to begin cutting its benchmark short-term interest rate, likely by mid-year. In December, the policymakers collectively forecast that they would cut their rate three times this year. Wall Street investors and many economists expect the first cut in March.

Please select this link to read the complete article from The Associated Press.