On June 17th, a foreign media reported the Federal Reserve transmitted a signal on Friday to do whatever it takes to battle soaring inflation.
In its report to Congress, the Fed said its promise to regain price stability was unconditional.
Atlanta Fed President Raphael Bostic said the inflation goal is 2 percent and will do whatever it takes to accomplish it.
Three weeks ago, Bostic forewarned against rate hike too fast, but on Friday he supported a sharp hike this week, saying policy needed to be “more stronger.”
The current inflation rate is more than three times the Federal Reserve’s 2 percent goal. Economists say such a sharp increase in interest rates could lead to a recession.
The term “unconditional” was used in the report, and Bostic also used the phrase “at all costs” as it shows the Fed is willing to take the risk of an economic recession to avoid uncontrollable inflation.
Critics say the Fed’s action was too late on inflation.
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