A senior Federal Reserve official cautioned it would take time for the central bank’s rapid rate rises this year to reduce inflation that has reached 40-year highs.
“Monetary policy will be restrictive for some time to ensure that inflation moves back” to the central bank’s 2% target, said Fed Vice Chairwoman Lael Brainard in remarks prepared for delivery Monday. “It will take time for the cumulative effect of tighter monetary policy to work through the economy and to bring inflation down,” she said.
