The Federal Reserve, in recent years, has been committed to being open about its policy on interest rates. And that commitment was on full display in recent weeks.
In an early April speech, Fed Governor Lael Brainard said the central bank needs to act “quickly and aggressively” to drive down inflation. She indicated that upcoming interest rate increases could be higher than the Fed’s traditional 0.25 percentage point bump.
On the same day, San Francisco Fed President Mary Daly expressed her concern about inflation and suggested that higher prices are “as harmful as not having a job.”
In a speech to the Delaware Chamber of Commerce the following day, Philadelphia Fed President Patrick Harker said higher interest rates are needed to help manage rising prices.
There’s an old saying, “one’s a dot, two’s a line, three’s a trend.” Based on these most recent comments, it’s pretty clear there’s a trend among Fed officials.