Fed’s Barr says future interest rate hikes ‘likely’ needed to tame inflation
Summary
Federal Reserve Governor Michael Barr said the U.S. central bank will probably increase interest rates again to control ongoing inflation. The Fed raised rates last week for the first time in over three years.Key Facts
- Michael Barr is a governor at the Federal Reserve and part of the rate-setting committee.
- The Federal Reserve recently raised interest rates for the first time in more than three years.
- The decision to raise rates was unanimous among the committee members.
- The goal of raising interest rates is to reduce inflation, which means slowing down price increases.
- Barr indicated that more rate hikes are likely needed in the future.
- Interest rates affect borrowing costs for consumers and businesses.
- Controlling inflation helps maintain the overall health of the economy.
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