2023-07-30 17:41:00
The US Federal Reserve aims to reduce the inflation rate to 2%.
Dubai – Al Arabiya.net
Posted on: July 30, 2023: 09:41 PM GST Last updated: July 30, 2023: 10:14 PM GST
The head of the Federal Reserve (US Central Bank) in Minneapolis, Neil Kashkari, said that the United States appears to be on its way to avoiding an economic recession, but it may witness a slight rise in the unemployment rate as it continues to face inflation.
Kashkari added in an interview with CBS News on Sunday that he is not sure whether the Federal Reserve has finished raising interest rates, and that monetary policymakers will use the data to form their opinions in this regard when they meet in September. .
The US central bank raised interest rates by a quarter of a percentage point on Wednesday, to reach their highest level in 16 years, attributing this to continued high inflation, according to Archyde.com.
The bank set its key overnight rate at a range of 5.25 to 5.5 percent, and the statement accompanying the announcement left the door open for an increase.
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The US Federal Reserve aims to reduce the inflation rate to 2%.
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