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Fed Official Backs Higher Interest Rates as Banking Stresses Fade

April 14, 2023

A Federal Reserve official said he was prepared to approve another interest-rate increase because recent banking-system stresses haven’t produced a significant pullback in lending while high inflation remains supported by strong growth.

“Monetary policy needs to be tightened further,” Fed governor Christopher Waller said in a speech Friday in San Antonio. “I would welcome signs of moderating demand, but until they appear and I see inflation moving meaningfully and persistently down toward our 2% target, I believe there is still more work to do.”

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