The Federal Reserve will need to continue lifting its short-term interest rate to a level that restricts economic growth and keep it there for an extended period, a top Fed official said Wednesday.
In her remarks to a banking industry conference, Fed Vice Chair Lael Brainard echoed similarly tough comments about inflation delivered by Chair Jerome Powell late last month in Jackson Hole. Other Fed officials have also in recent weeks emphasized their views that the Fed has to push borrowing costs higher to bring down inflation, currently near a four-decade high.
