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It’s possible that interest rates will rise longer than projected.

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Christopher Waller, the governor of the US Federal Reserve, stated on Wednesday that the central bank’s ongoing struggle against inflation may cause interest rates to rise longer than anticipated.

At the 2023 Arkansas State University Agribusiness Conference, he stated, “Inflation is fairly elevated, and as a result, more needs to be done.” The US economy has so far adjusted successfully to the higher interest rates required to control inflation, according to the overall picture.

Waller predicted that personal consumption would expand moderately and that future price increases would slow. He also predicted that the American economy will continue to develop modestly this year, underpinned by a healthy labor market and advancements in reducing inflation.

Although we have made headway in lowering inflation, he stated, “the job is not done today.” “We are starting to see results from that effort, but there is more work to be done. Additionally, the battle may go a while given that some currently anticipate higher interest rates for a longer period of time.

In order to combat unprecedented inflation, which soared to a 40-year high in 2022, the US central bank boosted interest rates by a total of 425 points over the course of seven rate hikes last year.

Although US inflation has been dropping, according to Fed Chair Jerome Powell, it still “has a long way to go.”

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