Expect interest rate hikes to continue into 2023, Fed official says
CNN
San Francisco Federal Reserve president Mary Daly said Thursday morning that raising interest rates by either half or three quarters of a percentage point in September would be a "reasonable" way to bring inflation down.
The hikes would follow back-to-back 75-basis point increases by the Federal Reserve, intended to tackle white hot inflation, which remains near a 40-year high.
Last month's Consumer Price Index, a key inflation measure, showed that rising prices took a bit of a breather with consumer prices increasing by 8.5% year over year, a slower pace than the 9.1% increase in June. "There's some relief, and I was really pleased to see that, but I don't count on it," Daly told CNN's Julia Chatterley. "We have a lot of work to do at the Fed to bring us back to price stability."
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