Boston Fed President Collins: Inflation Too High and Broadening, More Tightening Warranted Soon
Susan Collins, president of the Federal Reserve Bank of Boston, said on November 13 that U.S. inflation remains too high and is broadening, that the direction of monetary policy is clear, and that some additional tightening of policy will be appropriate soon. The tightening ultimately needed, she said, may be somewhat greater than she had expected a few months ago.
Collins spoke in an interview with Bloomberg Television while attending a housing conference hosted by her bank. "I think it's clear the direction that monetary policy needs to go and I would think that soon some additional firming, tightening of policy is appropriate," she said. She added: "I think it may be that a bit of a tighter policy path than I had penciled in a couple of months ago might be appropriate." Asked how high or how fast rates should move, she declined to say, noting that the direction of policy is clear but its pace and destination are not, and that decisions will be made meeting by meeting; in her view, the base case is one of careful adjustments to policy. Recent inflation data, she said, has been "less promising than I had hoped," while the labor market appears to be on solid footing.
Earlier the same day, Collins delivered opening remarks titled "Observations on Housing Market Challenges" at the Boston Fed's 70th Economic Conference. She noted that the higher interest rates sometimes needed to cool the economy and keep inflation in check can, in the near term, make homes more expensive to buy and to build. But she stressed that tighter policy is needed at times to ensure price stability, and that stable, predictable prices benefit the housing market and the broader economy over the longer run.
The Federal Reserve raised its benchmark rate by a quarter point in September, to a range of 3.75% to 4.00% — its first rate increase in three years — and held it steady in October. The next policy meeting is scheduled for December 8-9, and markets widely expect another increase then, with a further move possible in January. The Bureau of Labor Statistics reported on November 13 that the producer price index rose 6.5% in the 12 months through October, the largest 12-month increase since November 2022. Fed Governor Christopher Waller said recently that a half-point increase should be considered if core inflation again comes in hot, and San Francisco Fed President Mary Daly has also said the Fed will likely need to raise rates further.
Related: 旧金山联储主席 Daly：美联储可能还需进一步加息，但不必急于行动
Related: 美联储理事Waller支持12月加息25个基点：核心通胀若再涨0.3%应考虑加息50个基点
Source: Federal Reserve Bank of Boston
Published by GSM · USA (original Chinese edition)
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