Two Fed Officials Endorse Another 0.75-Point Rate Increase

Two Federal Reserve officials backed another 0.75-percentage-point interest rate increase at the central bank’s meeting later this month and said it was too soon to conclude that the Fed’s rate increases this year would be sufficient to bring inflation down.

“Inflation is just too high and doesn’t seem to be coming down,” said Fed governor Christopher Waller during a webinar on Thursday. “We need to move to a much more restrictive setting in terms of interest rates…and we need to do that as quickly as possible.”