A top Federal Reserve official has said “disappointing” inflation data means the US central bank should “push back” the timing of cutting interest rates from their current 23-year high.
Christopher Waller, a Fed governor and one of the most influential US rate-setters, said in a speech on Wednesday that the recent rise in month-on-month measures of prices reinforced his view that there was “no rush” to lower the central bank’s 5.25 per cent to 5.5 per cent target range.
The Fed raised interest rates aggressively during 2022 and 2023 in response to the worst wave of price pressures for a generation, but is now looking to cut them after a sharp fall in inflation over the second half of last year.
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