July 5, 2020, 19:31


Federal Reserve to Continue Raising Interest Rate in Near Term – Board Member

Federal Reserve to Continue Raising Interest Rate in Near Term – Board Member

WASHINGTON (Sputnik) – The US Federal Reserve (Fed) will continue its policy of steadily increasing interest rates to keep inflation under control while maintaining business confidence and full employment, Board of Governors Member Lael Brainard said in a speech at the Peterson Institute for International Economics on Friday.

“The gradual path of increases in the federal funds rate has served us well by giving us time to assess the effects of policy as we have proceeded,” Brainard said. “That approach remains appropriate in the near term.”

In November, The United States’ benchmark interest rate will remain unchanged at 2 to 2.25 percent, the US Federal Reserve’s policy-setting Federal Open Market Committee (FOMC) said in a statement after a policy meeting on Thursday.

The US central bank raised the federal funds rate three times so far this year. In total, in 2018 the rate has risen from the 1.25 to 1.50 percent range to its current level of 2.00 to 2.25 percent.

President Donald Trump has repeatedly criticized the Federal Reserve for increasing interest rates, which have caused US stock markets to plunge on multiple occasions.

READ MORE: Steel Imports From China, Italy Hurt US Economy — US Trade Commission

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