US central bankers do not expect it will be “appropriate” to start cutting interest rates this year with inflation remaining high, according to minutes of the latest Federal Reserve policy meeting released. | AFP
“No participants anticipated that it would be appropriate to begin reducing the federal funds rate target in 2023,” the meeting minutes added.
But some officials also noted that budgets are being stretched in lower-income households, with many consumers shifting to less expensive alternatives. This has been a cause for concern, with officials worried that elevated wages will feed into higher services costs for consumers.
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