Fed official says interest rate hike possible as gas prices, inflation remain elevated

A Federal Reserve policymaker is warning that it could make sense to raise interest rates if inflation remains elevated above the Fed's 2% target amid uncertainty over the duration of the oil and gas price shock.Federal Reserve Bank of Cleveland Beth Hammack said in an interview with The Associated Press that she sees the central bank leaving the benchmark federal funds rate at its current level of 3.5% to 3.75% "for quite some time."Hammack also cautioned that while the Fed's next rate move could be a cut due to labor market concerns, there is a possibility that it could be to hike rates to c...

4 hours ago

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