HomeFinancial MarketsBoston Fed President Warns That Further Rates Hikes Possible

Boston Fed President Warns That Further Rates Hikes Possible

Federal Reserve Bank of Boston President Susan Collins has warned that policymakers may still consider further rate hikes as inflation continues to cool. “In order to get back down to 2% in a reasonable amount of time we need to be patient and resolute, and I wouldn’t take additional firming off the table,” Collins explained, adding that the central bank’s battle against inflation is not over.

Collins told reporters that although inflation data is showing a positive outlook, however, the Fed remains bearish due to the knowledge that this outlook can turn. Earlier this month, the Fed decided to leave interest rates within the 5.25% to 5.5% range; a 22-year high.

On Tuesday, the latest Consumer Price Index (CPI) data showed that US inflation broadly slowed in October, which increased investors’ bets that the Fed is done with its rate-hiking agenda. While Collins acknowledges that goods prices have lowered significantly, she revealed that price slowdowns for some core services including housing have not been as extensive as she has hoped.

Broadcom’s Earnings Report Beats Expectations, Company Announces 10-for-1 Stock Split

Semiconductor maker Broadcom shared an earnings report for the second quarter that beat the estimations of analysts and caused its stock to surge more...

Federal Reserve Project One Rate Cut in 2024

During a meeting on Wednesday, the Federal Reserve kept its benchmark interest rate unchanged. Additionally, the U.S. central bank projected just one interest rate...

EV Maker Fisker Recalls 18,000 Cars Due to Software Issues, Compliance Reasons

Electric vehicle maker Fisker announced on Wednesday that it’s recalling more than 18,000 cars in North America and Europe. The recall affects Fisker’s Ocean...