Federal Reserve Chairman Thomas Barkin confirmed in Richmond on Friday that he wants to raise interest rates to curb inflation.
He added that US economic data will be monitored to determine the size of the interest rate increase at the next meeting of the Board in September.
Parkin also told CNBC. “I would like to see a period of controlled inflation, and until we do that, I think we will have to move prices into a restricted area,” he said, adding that he would like inflation to stay at the 2% target set by the Federal Reserve “for some time.”
The annual inflation in the United States of America also recorded a slight decline to 8.5% during the month of July, after it increased by 9.1% in June, the first decline since April.
Nevertheless, US President Joe Biden saw that “inflation may recede, but citizens are still hurt by its repercussions.”