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Brainard warns US rates to stay high, notes global impact

KION

By CHRISTOPHER RUGABER
AP Economics Writer

WASHINGTON (AP) — Federal Reserve Vice Chair Lael Brainard said Friday that U.S. interest rates will likely have to remain high for an extended period to combat inflation, capping a week of tough rhetoric by Fed officials. In remarks at a conference hosted by the Federal Reserve Bank of New York, Brainard said that international turmoil still threatens to disrupt global supplies of commodities and manufactured parts, a key factor pushing inflation higher. Brainard also said that one cannot rule out additional inflationary shocks from Russia’s invasion of Ukraine, China’s COVID lockdowns, or severe weather events globally.

Article Topic Follows: AP National Business

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