In the Asian session on Monday (May 15), the U.S. dollar index rose, with the latest price of the U.S. dollar at 102.73, an increase of 0.04%. Fed Governor Jefferson said the progress on core inflation was “frustrating.” Growth in consumer spending is expected to slow towards the end of the year. The full impact of the rapid rate hikes may be about to be felt.
Fed Governor Bowman said: “Inflation is still too high. If inflation remains high and the labor market remains tight, then further interest rate increases “may be appropriate.” St. Louis Fed President Bullard said that the outlook for disinflation is good, But there is no guarantee. Current policies are at the low end of sufficiently restrictive levels. Chicago Fed President Goolsbee said inflation was still too high, but at least it was coming down. The US has no choice but to raise the debt ceiling.
