Alberto Musalem said Friday that additional monetary tightening would be needed “soon,” following the Federal Reserve’s decision to keep interest rates unchanged. Federal funds futures indicate a roughly 76% probability of a 25-basis-point rate hike in December. Musalem said incremental adjustments made earlier are less disruptive than larger, abrupt actions taken later. The U.S. economy, supported in part by the artificial-intelligence buildout, grew 3.4% with unemployment at 4.2%, but annual inflation remains above 3% and could stay above the Fed’s 2% target without prompt action.
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