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BlockBeats News, May 28 — Federal Reserve Governor Lael Brainard said on Wednesday at an event at Stanford University that inflation is moving in the wrong direction, and if this trend continues, she is prepared to raise interest rates. However, if the labor market deteriorates, she is ready to cut rates.
While Brainard indicated that she currently leans towards keeping borrowing costs unchanged and expects price growth to cool off again in the coming months, her comments aligned her with the views of many Fed officials that accelerating inflation is now a bigger policy concern than the labor market.
Brainard stated: "Let me be clear in my risk assessment: The risks remain tilted to higher inflation." Brainard noted that inflation over the last five years has been above the Fed's 2% target, posing risks of price pressures embedded in price and wage-setting behavior. "Therefore, if the expected decline in inflation does not materialize on time, I am prepared to raise rates," she said. (FXStreet)
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