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MNI INTERVIEW: Fed To Keep Hiking Despite Turmoil-NY Advisor

(MNI) WASHINGTON

The Fed remains more focused on inflation than financial stability, says Sebnem Kalemli-Ozcan.

The Federal Reserve is unlikely to “pivot” on interest-rate increases because of recent financial turbulence like the crisis in the UK gilt market, and doing so would threaten its credibility amid high inflation, New York Fed advisor Sebnem Kalemli-Ozcan told MNI.

“I wouldn’t expect any intervention from the Federal Reserve on these things, unless there’s a total financial market collapse like there was in 2008,” said Kalemli-Ozcan, a professor at the University of Maryland and a member of the New York Fed’s Economic Advisory Panel. “Without that, I think they are not going to do anything – they’re going to stay in their inflation fighting mood, and hiking rates, because that’s their job.”

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The Federal Reserve is unlikely to “pivot” on interest-rate increases because of recent financial turbulence like the crisis in the UK gilt market, and doing so would threaten its credibility amid high inflation, New York Fed advisor Sebnem Kalemli-Ozcan told MNI.

“I wouldn’t expect any intervention from the Federal Reserve on these things, unless there’s a total financial market collapse like there was in 2008,” said Kalemli-Ozcan, a professor at the University of Maryland and a member of the New York Fed’s Economic Advisory Panel. “Without that, I think they are not going to do anything – they’re going to stay in their inflation fighting mood, and hiking rates, because that’s their job.”

Keep reading...Show less