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MNI BRIEF: Fed Nominee Barr Commits To Bring Inflation Down

(MNI) Washington
WASHINGTON (MNI)

Federal Reserve vice chair for supervision nominee Michael Barr said inflation is too high and if confirmed would be committed to bringing it down to the central bank's 2% target.

"Inflation is running far too high, affecting communities all across our country," he wrote in testimony released early for a hearing before the Senate Thursday. "I would be strongly committed to bringing down inflation to the Federal Reserve’s target, consistent with the Federal Reserve’s dual mandate of maximum employment and price stability." Cleveland Fed President Loretta Mester earlier this week told MNI 50bp interest rate increases may be appropriate at least until September.

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Federal Reserve vice chair for supervision nominee Michael Barr said inflation is too high and if confirmed would be committed to bringing it down to the central bank's 2% target.

"Inflation is running far too high, affecting communities all across our country," he wrote in testimony released early for a hearing before the Senate Thursday. "I would be strongly committed to bringing down inflation to the Federal Reserve’s target, consistent with the Federal Reserve’s dual mandate of maximum employment and price stability." Cleveland Fed President Loretta Mester earlier this week told MNI 50bp interest rate increases may be appropriate at least until September.

Keep reading...Show less