Boston Federal Reserve President Susan Collins said the Fed has earned the right to take its time with future interest-rate decisions.
There is a risk that the Federal Reserve has not done enough to quell inflation and also a risk of the central bank overtightening U.S. monetary policy. Where does Boston Fed President Susan Collins stand?
One thing is clear, Collins said: Rates will need to stay high, or “restrictive,” for some time. “People should not expect these rates to come down anytime soon,” Collins said. She said she would need to see some slowing of the economy to be convinced that inflation is on the path back to its long-term 2% target. She had expected to see more of a slowdown in the economy, she conceded.
“The slowdown is in the forecast, not in the data. There is some early signs of some moderating, but we have a ways to go,” she said.“We have afforded ourselves the opportunity to do that … because of how expeditiously we have raised rates,” she said. “Let’s take the time that we have earned to really assess … the full picture and not signal [that] we are locked in.
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