NEW YORK, April 11 - Federal Reserve Bank of Boston President Susan Collins said Thursday the strength of the economy and uneven retreat of inflation argues against a near term push to lower rates by the central bank.
Collins weighed in as markets have been digesting stronger-than-expected inflation data over the start of the year. Coupled with ongoing robust job gains, traders and investors have been marking down the prospects of Fed rate cuts and pushing back the start date of the easing, even as Fed officials say they think they’re still on track for some sort of lowering of what is now a 5.25% to 5.5% federal funds rate.
“It may just take more time than previously thought for activity to moderate, and to see further progress in inflation returning durably to our target,” Collins said. “Less concern about labor market fragilities, combined with the possibility that policy is only modestly restrictive, also reduces the urgency to ease,” she said.
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