Kansas City Fed President Esther George said in an interview with CNBC on Thursday that the US central bank will need to press ahead with rate hikes and keep them high for some time after the tightening process is complete. .
George said he thinks the Fed will need to raise a funds rate now between 4.25% and 4.5% to more than 5% and stay there “for a while … until we get the signal that inflation is starting.” to fall convincingly toward our 2% target.”
George retires from the Kansas City Fed this month. Last year he held a voting seat on the Federal Open Market Committee that sets monetary policy.
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