Official: Rate hikes still possible if inflation persists

The President of the Federal Reserve Bank of Philadelphia, Anna Paulson, confirmed that a potential increase in interest rates remains an option if inflationary pressures continue, noting that progress in curbing inflation is necessary for making future decisions. Despite the recent hold on interest rates at a range of 3.5% to 3.75%, the persistence of inflation above the 2% target raises the possibility that monetary policy could move towards tightening. She added that core inflation remains high, between 2.4% and 2.8%, and that any indication of inflation cooling down will determine the next step, while oil prices and global market fluctuations continue to influence fiscal policy.

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