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MNI INTERVIEW2: Fed Tightening Already Having Effect-Wright

(MNI) Washington

Financial conditions are tightening, helping to moderate inflation expectations, the research director of the Minneapolis Fed tells MNI.

U.S. businesses and consumers are still confident inflation will come down over a longer horizon despite the recent surge in prices across the economy, in part because they are already feeling the pinch of tighter financial conditions arising from Fed rate hikes, Minneapolis Fed Research Director Mark Wright told MNI.

Business investment decisions tend to be made over a seven- to ten-year period, while households looking to get a mortgage opt most commonly for a 30-year loan, he said in an interview. In both cases, rates have moved sharply higher not just because of the Fed's monetary tightening to date but also expectations of further rate increases.

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U.S. businesses and consumers are still confident inflation will come down over a longer horizon despite the recent surge in prices across the economy, in part because they are already feeling the pinch of tighter financial conditions arising from Fed rate hikes, Minneapolis Fed Research Director Mark Wright told MNI.

Business investment decisions tend to be made over a seven- to ten-year period, while households looking to get a mortgage opt most commonly for a 30-year loan, he said in an interview. In both cases, rates have moved sharply higher not just because of the Fed's monetary tightening to date but also expectations of further rate increases.

Keep reading...Show less