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New York Fed head says inflation uncertainty has increased

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NEW YORK, US: Traders work at the New York Stock Exchange on October 5, 2022 in New York City. The US national debt exceeded $31 trillion for the first time amid rising interest rates to tame the record-high inflation, and growing economic uncertainty, according to Treasury Department data. ( Lokman Vural Elibol - Anadolu Agency )
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Nov 10, 2022 - 12:32 AM

ANKARA (AA) – The president of the US Federal Reserve Bank of New York said Wednesday that inflation uncertainty has increased but that does not appear to be because of “unmoored” longer-run expectations as the Fed struggles with lowering record inflation.

“The importance of maintaining well-anchored inflation expectations is a bedrock principle of modern central banking, but its precise meaning and validation has been open to interpretation,” John Williams said at a conference on Global Risk, Uncertainty, and Volatility held in Zurich, Switzerland.

“The news is mostly good—longer-run inflation expectations in the United States have remained remarkably stable at levels broadly consistent with the FOMC’s longer-run goal,” he said.

The New York Fed head has a voting right in the Federal Open Market Committee (FOMC), which has increased the Fed’s benchmark interest rate a total of 375 basis points, or 3.75%, since March to tame inflation that is still hovering above 8% — its highest in four decades.

Fed raised interest rates by 75 basis points on Nov. 2 for a fourth consecutive time, raising the target range for the federal funds rate to between 3.75% and 4% — its highest since January 2008.

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