Fed Officials Back Another Hike While Watching Banking Fallout

Bloomberg2023-04-21

Mester says Fed close to end of the tightening cycleBostic confirms he’s still ‘one and done’ on rate hikesFederal Reserve officials backed another interest-rate increase as they monitor economic ...

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Kai kung
2023-04-21
Kai kung
inflation has nothing to do with hike from day one . Just want to attract more dollars deposit with the high rates, as the world is dumping the Dollar.

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And then I think it’s time for us to let the restrictive action work its way through. And that will take some time,” he said.Philadelphia Fed chief Patrick Harker, who does vote on the policy-setting Federal Open Market Committee in 2023, had a similar message.“I anticipate that some additional tightening may be needed to ensure policy is restrictive enough to support both pillars of our dual mandate,” he told an event organized by the Wharton School of the University of Pennsylvania in Philadelphia later on Thursday evening.“Once we reach that point, which should happen this year, I expect that we will hold rates in place and let monetary policy do its work,” Harker said in his prepared remarks.Fed officials have welcomed signs their aggressive tightening campaign is beginning to bite, with the housing sector cooling, a tight labor market moderating and inflation retreating from last year’s peaks.They also continue to warn price pressures remain too high and are proving stubborn, requiring additional policy tightening to squeeze them out of the system.But that hawkish message has been softened in the aftermath of the collapse of Silicon Valley Bank last month, forcing regulators to step in to prevent contagion.The aftermath is tightening access to credit, which has the same effect as hiking rates and could mean the Fed will have to do less.“I expect to see tighter credit conditions for households and businesses that may slow economic activity and hiring,” Harker said. “But the full extent is still unclear.”","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":9944476565,"gmtCreate":1682067497058,"gmtModify":1682067503112,"author":{"id":"3573677387704308","authorId":"3573677387704308","name":"Kai kung","avatar":"https://community-static.tradeup.com/news/0138922ede4ba743c32dcf3ff94803ff","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3573677387704308","authorIdStr":"3573677387704308"},"htmlText":"&nbsp;inflation&nbsp; has nothing to do with hike from day one .&nbsp;Just want to attract more dollars deposit with the high rates, as the world is dumping the Dollar.","listText":"&nbsp;inflation&nbsp; has nothing to do with hike from day one .&nbsp;Just want to attract more dollars deposit with the high rates, as the world is dumping the Dollar.","text":"inflation has nothing to do with hike from day one . Just want to attract more dollars deposit with the high rates, as the world is dumping the Dollar.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9944476565","repostId":1125495458,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":18,"commentSize":1,"repostSize":1,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1125495458"}