Rates need to rise above 3.5%, no rate cuts in 2023: Fed's Williams

The Fed raised the benchmark fed funds rate to 2.25-2.50% at its last meeting in July.

New York Federal Reserve Bank President John Williams on Tuesday said the U.S. central bank will likely need to get its policy rate above 3.5% and is unlikely to cut interest rates at all next year as it wages a battle against far too high inflation.
 

"From my perspective right now, I see us needing to kind of hold a policy stance - pushing inflation down, bringing demand and supply into alignment - it's going to take longer, will continue through next year," Williams told the Wall Street Journal. "Based on what I'm seeing in the inflation data, and what