Federal Reserve official Musalem said current monetary policy remains accommodative and broader financial conditions are still loose. He also said inflation remains too high and is unlikely to ease without action from the Fed. In that context, Musalem said moving to raise rates earlier could reduce the risk of a larger shock to the overall economy. The remarks point to a view that delaying policy action may increase the eventual cost to growth and financial conditions. No additional policy timing or rate path details were provided in the statement carried by Odaily.
Odaily reported that Federal Reserve official Musalem said current monetary policy is accommodative, while overall financial conditions remain loose.
He added that inflation is still too high and is unlikely to ease without action from the Federal Reserve. Musalem said raising rates earlier could reduce the risk of a broader hit to the overall economy.
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