Reuters reported that the New York Federal Reserve Bank President John Williams on Monday said that he believes the Fed will need to raise rates to a level sufficiently restrictive to push down on inflation, and keep them there for all of next year:
"I do think we're going to need to keep restrictive policy in place for some time; I would expect that to continue through at least next year," Williams said at a virtual event held by the Economic Club of New York, adding that he does not expect a recession.
"I do see a point, probably in 2024," when the Fed will start reducing interest rates, he said.
US Dollar update
The US Dollar is higher in the North American trade with US stocks on the backfoot amid a global risk-off start to the week. Major market averages opened trading on Monday lower as protests in China over COVID lockdowns brought some selling pressure to global equities.
Early on the Dow dipped 0.4%, the S&P 500 slid 0.5%, and the Nasdaq lost 0.4%. DXY is up 0.18% to 106.25, but the downside is open while below 106.60:
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