A top Federal Reserve official has warned the US unemployment rate could hit 5 per cent next year as the central bank presses ahead with its fight against persistently high inflation.
John Williams, president of the Federal Reserve Bank of New York, said the central bank needed to do more to stamp out price pressures that have proven surprisingly persistent across a wide array of goods and services in the aftermath of the coronavirus pandemic.
Williams said he expected the unemployment rate to rise from its current level of 3.7 per cent to between 4.5 per cent and 5 per cent by the end of next year as the Fed takes further steps to tighten monetary policy via higher interest rates and a smaller balance sheet.
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