Interest Rate Statement by Kansas City Fed President Esther George

Kansas City Fed President Esther George spoke about the Fed's interest rate decision. George pointed out that she did not raise interest rates at a rate that would put pressure on the economy. She added that interest rates may need to rise above 4 percent for a while.

Kansas City Fed President Esther George, who has the right to vote in the FOMC this year, said, "There is more room. It could be above 4 percent. Of course, we won't know until we see the data." She noted that she disagreed with investors who priced that the Fed would cut interest rates next year. The Federal Reserve Bank of America (FED) continues to raise interest rates to reduce inflation at the peak of 40 years. Bank officials, who have increased interest rates by 75 basis points each in the last 2 meetings, signal that there may be an increase at this rate depending on the data to be received at the September meeting. Employment and inflation data will be recorded until the September meeting. In July, inflation was 8.5 percent annually, while the PCE price index, which the Fed closely monitors, increased by 6.8 percent annually. President Esther George stated that there are signals that demand is decreasing, "However, we do not see this fully in the inflation data. Inflation is widespread and we still have a lot of work to do."   Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!