The Federal Reserve’s short-term benchmark rate is not yet at a level high enough to slow the US economy enough to combat high inflation, but it should get there this year, a central bank official said Thursday.
“We’re getting closer,” James Bullard, president of the St. Louis Fed, told business leaders in St. Louis. “What we are seeing is a combination of factors that are making it more likely that 2023 will be a deflationary year.”
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