With US inflation at a 40-year high, economists say there is no doubt about the Federal Reserve's policy course: Interest rates will continue to rise.
Against the backdrop of the majestic Grand Teton mountains, Fed Chair Jerome Powell is expected to once again send a clear message at the annual gathering of central bankers in Jackson Hole, Wyoming on Friday that the fight against inflation is not over.
A succession of Fed officials, even those like Posen who are considered to be"doves" on inflation, have repeated the same message. Posen said he expects the benchmark lending rate will reach four percent by February, and will be"willing to go further if needed, with the chances of a reversal in 2023 year"very, very low."Economist Tim Duy of SGH Macro Advisors agreed, and said Powell will"push the story... they will do what they need to get inflation under control.
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