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Reuters
Fed’s Daly: no U.S. recession needed to defeat high inflation
The Fed last week delivered a third-straight 75-basis-point interest rate increase, lifting its policy rate target range to 3%-3.25%, and signaled rates will likely rise to 4.4% by year end and to 4.6% in following months. The U.S. central bank hasn’t raised rates this sharply since the 1980s, which was also the last time inflation – now more than three times the Fed’s 2% goal – ran higher than today. The Fed’s rate hikes then plunged the economy into two recessions, including one that was particularly deep and painful, and analysts worry that this time won’t be much different.
