A top Federal Reserve official said he would support raising the benchmark interest rate by 0.75 percentage point at the central bank’s July 26-27 meeting as part of an effort to raise rates quickly to levels designed to slow the economy in order to combat high inflation.
“Inflation is just too high and doesn’t seem to be coming down,” said Fed governor Christopher Waller during a webinar on Thursday. “We need to move to a much more restrictive setting in terms of interest rates and policy, and we need to do that as quickly as possible.”
