St. Louis Fed interim president says inflation is moving ‘sideways’
The interim president of the St. Louis Federal Reserve said the U.S. central bank “can afford to wait for further data” on the economy and inflation before deciding whether to raise interest rates again.
Tighter lending standards and a surge in mortgages and other long-term rates also factored into her thinking, she said. In September, Paese was one of a majority of senior Fed officials who predicted one more rate hike before the end of 2023 in the bank’s so-called dot plot. Yet she noted the data was backward-looking and more recent reports on the economy were notably softer, including the October jobs report.
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