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Fed’s George sees policy interest rate near 2% by August

“Fed policymakers have emphasized a commitment to act expeditiously to restore price stability, and I expect that further rate increases could put the federal funds rate in the neighborhood of 2% by August, a significant pace of change in policy settings” George said in remarks prepared for delivery to an agricultural symposium put on by the Kansas City Fed. “Evidence that inflation is clearly decelerating will inform judgments about further tightening.” The Fed has been raising interest rates to rein in inflation that is at a 40-year high, lifting short-term borrowing costs from near zero to a range of 0.75%-1% so far this year. Fed Chair Jerome Powell has signaled that the central bank will raise rates by a total of another full percentage point over the next two Fed meetings, in June and July.

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