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MNI INTERVIEW: Fed Funds May Need To Reach 7% Or More-Levin

(MNI) Washington

Official rates are still nowhere near neutral despite Fed assurances, Andrew Levin tells MNI.

High and persistent inflation will force Federal Reserve policymakers to raise interest rates much more than they are currently projecting, perhaps nearly twice as much, ex-Fed board economist Andrew Levin told MNI.

Fed Chair Jerome Powell said in his July press conference that the June Summary of Economic Projections, which shows the federal funds rate peaking at 3.8%, was still the best guide available for where official interest rates are headed.

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High and persistent inflation will force Federal Reserve policymakers to raise interest rates much more than they are currently projecting, perhaps nearly twice as much, ex-Fed board economist Andrew Levin told MNI.

Fed Chair Jerome Powell said in his July press conference that the June Summary of Economic Projections, which shows the federal funds rate peaking at 3.8%, was still the best guide available for where official interest rates are headed.

Keep reading...Show less