{"id":1676385,"date":"2022-10-06T15:07:23","date_gmt":"2022-10-06T19:07:23","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1676385"},"modified":"2022-10-06T15:07:56","modified_gmt":"2022-10-06T19:07:56","slug":"feds-cook-supports-preemptive-rate-hikes-against-stubbornly-high-inflation","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/feds-cook-supports-preemptive-rate-hikes-against-stubbornly-high-inflation\/","title":{"rendered":"Fed\u2019s Cook supports \u201cpreemptive\u201d rate hikes against \u201cstubbornly\u201d high inflation"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ffeds-cook-supports-preemptive-rate-hikes-against-stubbornly-high-inflation%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1676385&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>By Howard Schneider and Ann Saphir<\/p>\n<p>WASHINGTON (Reuters) -U.S. inflation remains \u201cstubbornly and unacceptably high,\u201d requiring continued interest rate increases to be sure it begins falling, Federal Reserve Governor Lisa Cook said in her first public remarks on monetary policy since joining the central bank\u2019s Washington-based board. <\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\">\n<\/div>\n<p>\u201cInflation remains stubbornly and unacceptably high, and data over the past few months show that inflationary pressures remain broad based,\u201d Cook said, concluding that recent declines in job vacancies, slowing rent increases and other data showing easing price pressures were not enough to conclude the Fed had rounded the corner in its fight against rising prices. <\/p>\n<p>\u201cIt must come down, and we will keep at it until the job is done,\u201d Cook said, repeating what has become the Fed\u2019s trademark phrase to relay its willingness to raise rates to a restrictive level meant to slow the economy, even at the risk of slower economic growth and rising unemployment.<\/p>\n<p>Her comments put Cook, a PhD economist, member of the Council of Economic Advisers during former President Barack Obama\u2019s administration, and the first Black woman on the Fed\u2019s governing board, squarely in the current and so far overwhelming consensus at the Fed for continued rate increases.<\/p>\n<p>Fed officials in recent days have nodded to recent signs inflation may be easing, to stress in financial markets, and to the pressure their rate hike policy is putting on economic conditions in other countries.<\/p>\n<p>But they\u2019ve given no indication they are about to change their plans. <\/p>\n<p>\u201cThere are reasons to expect core goods inflation to slow in coming months,\u201d and for supply chains to continue improving, Cook said in remarks prepared for delivery at the Peterson Institute for International Economics.<\/p>\n<p>Still \u201cthe widespread nature of the inflation pressures suggests that the overall economy is very tight,\u201d she said. <\/p>\n<p>As a result Cook said she \u201cfully supported\u201d the large rate increases of three-quarter points approved at her first meetings as a governor, agreed with the policy of \u201cfront-loading\u201d monetary tightening to quicken its impact, and felt changes in policy needed to be rooted in inflation actually falling, not on forecasts of it doing so.<\/p>\n<p>The Fed\u2019s \u201cpreemptive approach is appropriate. Although lowering inflation will bring some pain, a failure to restore price stability would make it much harder and much more painful to restore it in the future,\u201d Cook said. \u201cIn the current situation, with risks to inflation forecasts skewed to the upside, I believe policy judgments must be based on whether and when we see inflation actually falling in the data, rather than just in forecasts.\u201d<\/p>\n<p>She said that while \u201cat some point\u201d it will be appropriate to slow the pace of increases, she did not hint at her preference for the Fed\u2019s upcoming Nov. 1-2 policy meeting.<\/p>\n<p>\u201cThe path of policy should depend on how quickly we make progress toward our inflation goal,\u201d Cook said.<\/p>\n<p>The Fed receives the latest report on consumer inflation next week. <\/p>\n<p>While Cook said she and her colleagues were \u201cvery attuned\u201d to overseas economic developments that could impact the United States, she reiterated that their job is to manage the \u201cdomestic mandate\u201d of stable inflation and the maximum level of employment consistent with it.<\/p>\n<p> (Reporting by Howard Schneider; Editing by Chizu Nomiyama and Andrea Ricci)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/business\/feds-cook-supports-preemptive\/attachment\/people-shop-in-a-supermarket-as-inflation-affected-consumer-prices\/\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/tagreuters.com2022binary_LYNXMPEI950XR-BASEIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI950XR-BASEIMAGE\" \/><\/a><\/p>\n<p><a href=\"https:\/\/www.oann.com\/business\/feds-cook-supports-preemptive\/attachment\/jackson-hole-economic-symposium\/\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/tagreuters.com2022binary_LYNXMPEI950XO-BASEIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI950XO-BASEIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Howard Schneider and Ann Saphir WASHINGTON (Reuters) -U.S. inflation remains \u201cstubbornly and unacceptably high,\u201d requiring continued interest rate increases to be sure it begins falling, Federal Reserve Governor Lisa<\/p>\n","protected":false},"author":66,"featured_media":1889534,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1676385","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_finder_url":"https:\/\/www.oann.com\/business\/feds-cook-supports-preemptive\/?utm_source=rss&utm_medium=rss&utm_campaign=feds-cook-supports-preemptive","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1676385","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1676385"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1676385\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1889534"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1676385"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1676385"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1676385"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}